Common use of Initial Applications Clause in Contracts

Initial Applications. (a) As a statement of corporate policy which shall govern all elements of the relationship of the parties hereunder and the conduct of the Corporate Business, the parties intend that all development, advancement, maximization of value, and exploitation of the Intellectual Property Rights and the Technology shall occur and be conducted through the instrumentality of Kronos pursuant to this Agreement; and (b) The parties agree that Kronos' primary initial efforts and funding shall focus upon the further development and exploitation of the hospital/medical clinic, automotive, medical equipment, residential/business, and hotel applications of the Technology (collectively, and including any and all improvements thereto and derivatives thereof, the "Initial Applications"), and to engage in such business development activities as are necessary and proper to establish markets, licenses, sales, and other activities and arrangements for the realization of maximum economic return thereon.

Initial Applications. (a) As a statement of corporate policy which --------------------- shall govern all elements of the relationship of the parties hereunder and the conduct of the Corporate Business, the parties intend that all development, advancement, maximization of value, and exploitation of the Intellectual Property Rights and the Technology shall occur and be conducted through the instrumentality of Kronos pursuant to this Agreement; and (b) The parties agree that Kronos' primary initial efforts and funding shall focus upon the further development and exploitation of the hospital/medical clinic, automotive, medical equipment, residential/business, and hotel applications of the Technology (collectively, and including any and all improvements thereto and derivatives thereof, the "Initial Applications"), and to engage in such business development activities as are necessary and proper to establish markets, licenses, sales, and other activities and arrangements for the realization of maximum economic return thereon.