Common use of Development Responsibility Clause in Contracts

Development Responsibility. Each Party shall use Commercially Reasonable Efforts to carry out Development of the Licensed Products in the Field in and for the Territory in accordance with the Development Plan and in compliance with Applicable Law, including GCP. INNO and ASCENTAGE shall be each responsible for fifty percent (50%) of the costs incurred in connection with the performance of any Development activities to be carried out by the Parties after the Effective Date of this Agreement under the Development Plan. In the event the Parties intend to carry out any Development activities under the Development Plan, the Parties shall negotiate in good faith under the direction of the JDC regarding the details of the 50/50 cost sharing arrangement for such Development.