DEVELOPMENT PLAN AND FEE Sample Clauses

DEVELOPMENT PLAN AND FEE. 2.1 FRTI shall deliver the Statement of Work to IC within 20 days of the execution of this Agreement. IC will approve the Statement of Work in writing, or alternatively, shall provide a statement in reasonable detail of any deficiencies therein, within 5 business days of receipt thereof. In the event of rejection, the parties will work diligently to complete a mutually satisfactory Statement of Work, and upon completion, will again commence the delivery and acceptance procedure set forth in this Section 2.1. Once the Statement of Work has been accepted by IC, IC shall become obligated to pay to FRTI the development fees set forth in Section 11, below. 5 3.