Common use of Objective of Evaluation Program Clause in Contracts

Objective of Evaluation Program. Scope of Evaluation, and Standard of Performance. The objective of the Evaluation Program is to undertake research and to generate new data so that the Parties may evaluate the probability of commercial success of products based on the Valent Technology. Each Party shall use commercially reasonable efforts in carrying out its obligations under this Agreement. Such efforts shall include the following, without limitation: (i) the Parties will develop a work plan consisting of non-clinical and clinical research up to and including a Phase 2a clinical trial (the “Work Plan)”; (ii) the Parties will confer periodically with each other, but in no case less than twice per calendar month during the Evaluation Program, either in person or by telephone or videolink, to review the status of work under the Evaluation Program. Under the Evaluation Program, the Parties will undertake the work described in the Work Plans. Any change in scope or other modifications of the Work Plans including, but not limited to, addition or deletion of tasks, changes in any standards or measures of success, performance milestones, or the like, must be set forth and agreed to in writing by E▇▇▇▇▇ and V▇▇▇▇▇.