Common use of Development Milestone Fee Clause in Contracts

Development Milestone Fee. In addition to the Consideration, Licensee shall pay Licensor the agreed Development Milestone Fee (as defined in Exhibit B), conditioned upon the completion of the Milestones as set forth in the Development Plan (both as defined below), all as to be set forth in the Development Plan. It is agreed that Licensee shall notify Licensor within three (3) business days as of the completion of each Milestone. Without derogating from Section 4.2 below, upon the completion of each Milestone, Licensee shall pay Licensor the applicable Development Milestone Fee as set out in the Development Plan within fourteen (14) days of Licensee’s notice of completion of such Milestone.