Initial and Updated Program Sample Clauses

Initial and Updated Program. The Parties have agreed to an initial budget for the development activities of the Company for the period beginning on the Effective Date and ending on December 31, 2003. The Program shall be updated annually by the Members not later than sixty (60) days prior to January 1 of each year during the Program. Each such updated Program shall include a detailed description and budget for the development activities proposed for the forthcoming calendar year. TMS shall be primarily responsible for preparing the annual updates to the Program and, in connection with the preparation of such updates, shall consult with MI regarding the identification, timing and execution of and budget for the major tasks and detailed activities required to perform the updated Program. Each such updated Program shall be signed by an authorized representative of each of TMS and MI, and MI and TMS shall each designate their respective members who will work on the Program (the "Program Management Team"). The members of the Program Management Team shall actively consult with one another throughout the term of the Program so as to adjust the specific work performed under the Program to conform to evolving developments in technology and the results of the development work performed. While minor adjustments to the Program may be made from time to time upon approval of the members of the Program Management Team, significant changes in the scope or direction of the work and any changes in funding exceeding twenty-five percent (25%) of the total amount budgeted in any calendar year for the Program must be approved by all Members, in the absence of which approval the most recently approved Program shall remain in effect.