Common use of Minimum Performance Requirements Clause in Contracts

Minimum Performance Requirements. 5.1. Licensee shall use its best efforts to effect introduction of Licensed Technology into the commercial market as soon as possible; thereafter, until the expiration of this Agreement, Licensee shall keep Licensed Technology reasonably available to the public. For the purpose of clarity, “best efforts” means Licensee shall achieve the milestones listed in Section 5.2 below. 5.2. Licensee shall achieve the following milestones: (i) Submission of a business plan to Carnegie Mellon, by [* * *] (ii) Initial funding of $250,000 (including grants) attained by [* * *] (iii) Initial product specification developed and preliminary market testing for a Licensed Product for each invention listed in Attachment A completed by [* * *] (iv) Minimum development of a Licensed Product during the periods specified below: a) From Effective Date until Year ending [* * *] = [* * *] in financing, and [* * *] b) From Effective Date until Year ending [* * *] = [* * *] in financing, and [* * *] c) From Effective Date until Year ending [* * *] = [* * *] in financing, [* * *], and a [* * *] (v) Minimum Revenues during the periods specified below: a) From Effective Date until Year ending [* * *] = [* * *] b) From Effective Date until Year ending [* * *] = [* * *] 5.3. Licensee’s failure to perform in accordance with Sections 5.1 or 5.2 herein shall be grounds for Carnegie Mellon to a) terminate this Agreement pursuant to Section 11.2 herein, b) terminate the license granted to any invention listed in Attachment A, or b) terminate the exclusivity of the license to any invention listed in Attachment A (by amending the word “exclusive” in the related license grant to read “non-exclusive”). However, Licensee may obtain one [* * *] extension to meet each milestone by payment of [* * *] to Carnegie Mellon.