Initial and Milestone Payments Sample Clauses
The 'Initial and Milestone Payments' clause defines the schedule and conditions under which payments are made during the course of a contract. Typically, it requires an upfront payment at the start of the agreement, followed by additional payments tied to the achievement of specific project milestones or deliverables. This structure ensures that the service provider receives compensation as work progresses and incentivizes timely completion of key project phases, while also providing the client with assurance that payments are linked to tangible results.
Initial and Milestone Payments. In consideration of the license granted by ADDEX to OMP hereunder and upon the terms and conditions contained herein, OMP shall pay to ADDEX the following amounts:
9.1.1 [***] within [***] calendar days of the Effective Date;
9.1.2 Milestones for ▇▇▇ Compound or Agonist Compounds
(a) [***] for only the first Collaboration Product containing a ▇▇▇ Compound or Agonist Compound upon treatment with such Collaboration Product of the [***];
(b) [***] for only the first Collaboration Product containing a ▇▇▇ Compound or Agonist Compound upon treatment with such Collaboration Product of the [***];
(c) [***] for only the first Collaboration Product containing a ▇▇▇ Compound or Agonist Compound upon [***];
(d) [***] for only the first Collaboration Product containing a ▇▇▇ Compound or Agonist Compound upon [***];
(e) [***] for only the first Collaboration Product containing a ▇▇▇ Compound or Agonist Compound upon [***];
(f) [***] for only the first Collaboration Product containing a ▇▇▇ Compound or Agonist Compound upon [***];
(g) [***] upon [***] a Collaboration Product containing a ▇▇▇ Compound or Agonist Compound [***];
(h) [***] upon [***] a Collaboration Product containing a ▇▇▇ Compound or Agonist Compound [***];
(i) [***] upon [***] a Collaboration Product containing a ▇▇▇ Compound or Agonist Compound [***];
(j) [***] upon [***] a Collaboration Product containing a ▇▇▇ Compound or Agonist Compound [***];
(k) [***] upon [***] a Collaboration Product containing a ▇▇▇ Compound or Agonist Compound [***];
(l) [***] upon [***] a Collaboration Product containing a ▇▇▇ Compound or Agonist Compound [***];
(m) [***] upon [***] a Collaboration Product containing a ▇▇▇ Compound or Agonist Compound [***];
(n) [***] upon [***] a Collaboration Product containing a ▇▇▇ Compound or Agonist Compound [***];
(o) [***] upon [***] a Collaboration Product containing a ▇▇▇ Compound or Agonist Compound [***];
Initial and Milestone Payments. The initial payment and all milestone payments due PERMATEC under this Agreement shall be paid in U.S. Dollars (USD), within thirty (30) days of the triggering event of the initial payment and each milestone, respectively, by confirmed wire transfer to a bank account of PERMATEC reasonably notified to BIOSANTE.
Initial and Milestone Payments. Novartis and BeiGene agree that, if so allowed under Applicable Law and approved by the Swiss Federal Tax Administration prior to the payment dates set forth in Sections 8.1.1, 8.1.2 and 8.2 (as applicable to payments to be made by Novartis) of this Agreement, such payments by Novartis shall be treated with the notification procedure according to Art. 38 of the Swiss VAT law, and the Parties shall take reasonable steps to achieve such VAT treatment. The Parties will initiate and pursue, in respect of the licenses granted under this Agreement, the voluntary notification procedure (“Meldeverfahren”) as foreseen in Art.38 Swiss VAT law. At the Execution Date, BeiGene is registered in the UID register under the number CHE-151.848.099 MWST and Novartis under the number CHE 116.268.023 MWST. The Parties shall cooperate with each other and, within the applicable legal deadlines, notify the Swiss Federal Tax Administration of the License, and undertake in a timely manner all steps required by Swiss law in connection with such notification procedure (including the timely filing of the signed form 764). Upon the request from Novartis for purposes of responding to Swiss Federal Tax Administration inquiry related to such notification procedure, BeiGene shall, within a reasonable period of time, provide all information and documentation to Novartis Controlled by BeiGene which is necessary to evidence the previous input VAT deductions and use of goods or services received. Pursuant to the application of the notification procedure, once it is approved, no specific indication of any VAT being due (e.g. “incl. VAT”, etc.) shall be made by BeiGene on the relevant invoices, except for the notion that the notification procedure applies. Should, however, VAT be chargeable on the License or any part thereof in Switzerland or abroad, it shall be fully payable by Novartis together with any interest or penalties for late payment of such VAT.
Initial and Milestone Payments. In addition to the foregoing, Allergan shall pay to Ivivi: (a) $500,000 within five (5) days following the execution of this Agreement, (b) [*] within thirty (30) days after the First Commercial Sale of the Product by Allergan in the U.S. to a person who is not an Affiliate or subcontractor or sublicensee of Allergan and (c) [*] within thirty (30) days after the First Commercial Sale of the Product by Allergan in the EU to a person who is not an Affiliate or subcontractor or sublicensee of Allergan. "FIRST COMMERCIAL SALE" means the first time Allergan sells at least [*] in the aggregate to third parties (which sales must include sales of at least [*]) and delivers the Product to such third parties. The amounts payable pursuant to this SECTION 5.6 shall not be counted against the royalty payments required by SECTION 5.4.
Initial and Milestone Payments