Common use of CONSIGNMENT TERMS Clause in Contracts

CONSIGNMENT TERMS. Promptly after the Effective Date, the Parties will agree on the terms for a standard addendum to Stryker’s standard hospital consignment agreement that sets forth terms governing the consignment of Allografts to Customers and the purchase and sale of Allograft Services by such Customers (the “Consignment Terms”). The form of the Consignment Terms will be agreed upon by both Parties. The Consignment Terms will include provisions to make clear that Osiris (and not Stryker) is the supplier of the Allografts and Allograft Services and that Stryker will have no obligation or liability to the Customer with respect to the Allografts or Allograft Services. Stryker will require each Customer to agree to the Consignment Terms as a condition to receiving any Allografts. The Consignment Terms will constitute a contract between the Customer and Osiris. Stryker will have no responsibility to either Customer or Osiris under the Consignment Terms. Osiris hereby authorizes Stryker to agree to the Consignment Terms (including any non-material changes thereto) on Osiris’s behalf. To the extent a Customer wishes to make any material changes to the Consignment Terms, Stryker will obtain Osiris’s approval prior to agreeing to such changes. The JSC will periodically review the Consignment Terms and changes requested by (or anticipated to be requested by) Customers and determine changes and fallbacks to the Consignment Terms that Stryker is authorized to agree to with Customers.