Common use of Exercise Payment Clause in Contracts

Exercise Payment. Upon exercise of the right to a LICENSE, a payment shall be due to RIBI depending upon whether DOW elects rights under Section 2.1 (1) or (2) as follows. If DOW elects Section 2.1 (1) for an exclusive LICENSE, then a one time fee of Two Hundred Thousand Dollars (US$200,000) Dollars is payable within thirty (30) days from exercise of the exclusive LICENSE but no sooner than December 1, 1998. If DOW elects Section 2.1(2) for a non-exclusive LICENSE, then terms shall be negotiated using reasonable good faith efforts by the Parties by January 31, 1999.