Initial Development Plan Budget Sample Clauses
The Initial Development Plan Budget clause establishes the financial framework and projected costs for the early stages of a project or development initiative. It typically outlines the specific budget allocations for various tasks, milestones, or phases, and may require parties to agree on the budget before commencing work. This clause ensures that all parties have a clear understanding of the expected expenditures, helping to prevent disputes over costs and providing a basis for monitoring financial progress throughout the initial development period.
Initial Development Plan Budget. The specific issue that shall be submitted to the arbitrator shall be limited to determining the overall commercial reasonableness of the budget that is the subject of the dispute. If the arbitrator determines that such budget is commercially reasonable, then the dispute shall be deemed finally resolved and such resolution shall be binding on the Parties. However, if the arbitrator determines that such budget is not commercially reasonable, then the arbitrator shall, within fifteen (15) days after such determination, render a final determination as to what modifications must be made to such budget in order for it to be commercially reasonable (the “Budget Modification Decision”). In connection with reaching a Budget Modification Decision, the arbitrator may order the Parties to produce any documents or other information which are relevant to such final decision, and the Parties shall submit such documents or other information, together with their respective proposed resolutions which shall consist of their proposed modifications to the budget in order for it to be commercially reasonable, at least five (5) days prior to the date a Budget Modification Decision is required to be rendered as provided above. In rendering the final decision, the arbitrator shall be limited to choosing a resolution proposed by a Party without modification.
Initial Development Plan Budget. For purposes of this Exhibit 4.2B, “Lightning” shall mean La Jolla and “Bordeaux” shall mean BioMarin CF. [****]
Initial Development Plan Budget. Responsibility for amendments to the Initial Development Plan budget shall rest with the DT, subject to review and approval by the JSC. Updates to such budget will be prepared on an annual basis as set forth in Section 3.1.2. In addition, if Alkermes identifies a potential overage of greater than [**] percent ([**]%) of the aggregate costs and expenses expected to be incurred in performing Development activities pursuant to the Initial Development Plan for a given Calendar Year, then Alkermes shall notify Biogen of such potential overage (through the DT). Following such notice, the DT shall discuss in good faith at its next meeting whether to make any amendment to the Initial Development Plan budget to account for such potential overage, which amendment, if applicable, shall be presented to the JSC for its review and approval. Notwithstanding anything to the contrary set forth in this Agreement, Biogen shall not be responsible for bearing its share of any Development Costs that exceed [**] percent ([**]%) of the amounts set forth in the annual budget under the Initial Development Plan in accordance with Section 3.8.1 to the extent that such excess Development Costs are incurred as a result of (i) Alkermes’ failure to perform its Development obligations in accordance with the Initial Development Plan or this Agreement, or (ii) a delay in Development of the Alkermes 8700 Product due to the gross negligence or willful misconduct of Alkermes.