Joint Development Committee Formation Clause Samples
The Joint Development Committee Formation clause establishes a committee composed of representatives from the parties involved in a joint development project. This committee is typically responsible for overseeing the progress of the project, making key decisions, and resolving disputes or issues that arise during development. By clearly defining the structure and authority of the committee, this clause ensures coordinated management and effective communication between the parties, helping to prevent misunderstandings and streamline the decision-making process.
Joint Development Committee Formation. As soon as reasonably practicable after the Option Exercise Date, and in any event not later than thirty (30) days after the Option Exercise Date, the Parties shall establish a joint development committee (the “JDC”). The JDC shall consist of three (3) representatives designated by each Party, or such other number as the Parties may from time to time mutually agree. Each Party shall appoint its initial representatives on the JDC at the time of formation, but may, from time to time, substitute one or more of its representatives, in its sole discretion, effective upon notice to the other Party of such change. Each Party shall have at least one JDC representative who is a senior employee (vice president level or above) and shall designate him/her upon designation to the JDC as its senior representative (such representative, such Party’s “Senior Representative”). All JDC representatives shall have appropriate expertise and ongoing familiarity with Development of biopharmaceutical products. Additional representatives or consultants may from time to time, by mutual consent of the Parties, be invited to attend JDC meetings, provided that such representatives and consultants are subject to written obligations that are no less stringent than the confidentiality obligations and restrictions on use set forth in Article X. Each Party shall bear its own expenses relating to attendance at JDC meetings by its representatives.
Joint Development Committee Formation. Co-development of Co-Developed Products in their applicable Co- Developed Territories shall be overseen by a joint development committee composed of three (3) representatives from each Party (the “Joint Development Committee” or “JDC”). The Parties shall designate their representatives on the JDC within ten (10) days after Rigel first fails to exercise a Non Co-Development Option pursuant to Section 5.1 within the applicable [*] exercise period. An alternate member designated by a Party may serve temporarily in the absence of a permanent member of the JDC for such Party. Each Party shall designate one of its representatives as a Co-Chair of the JDC. Each Co-Chair of the JDC will be responsible for the agenda of alternating JDC meetings. From time to time, the JDC may establish subcommittees or subordinate committees (which may or may not include members of the JDC itself) to oversee particular projects or activities, and such subcommittees or subordinate committees shall be constituted and shall operate as the JDC agrees.