Common use of Development Budget Clause in Contracts

Development Budget. The Joint Development Committee shall ------------------ review on a quarterly basis the actual Development Expenses against the budget for such expenses in the applicable Calendar Year. If in the course of its quarterly review of Development Expenses, the Joint Development Committee should determine for any Collaboration Product that for any study or activity the actual amounts incurred are likely to be higher than budgeted, the Joint Development Committee shall review the reasons for such potential overrun and determine whether such overrun is appropriate. If the Joint Development Committee determines that such overrun is appropriate, the Joint Development Committee will assess whether such overrun is likely to result in an overrun of the budget for Development Expenses for such Collaboration Product and if required, will agree on a revised budget for such Development Expenses for such Collaboration Product for subsequent approval by the Joint Steering Committee. If the Joint Development Committee determines that such overrun is not appropriate, the Joint Development Committee will take such actions as required to remedy the situation.