Performance of Development Clause Samples
The 'Performance of Development' clause defines the obligations and standards that a party must meet when carrying out development work under an agreement. It typically outlines requirements such as timelines, quality standards, and compliance with applicable laws or specifications, ensuring that the development is completed as agreed. This clause serves to set clear expectations and accountability, helping to prevent disputes over the quality or timeliness of the development work.
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Performance of Development. (a) Each Party agrees to perform its obligations set out in this Article 5 in compliance with Applicable Laws. Each Party shall have the right, at reasonable frequency and on reasonable advance notice to the other Party, during or following the conduct of Preclinical Development, Clinical Development or CMC/Manufacturing of the Product, to visit the site or sites at which such Preclinical Development, Clinical Development or CMC/Manufacturing has been or is being conducted, subject to any contractual restrictions imposed by any Third Party. During such visits the visiting Party shall have the right to examine all data, documents and records relating to the Product to determine whether the activities have been or are being conducted in compliance with the protocol or protocols in the Development Plan and Budget and in compliance with Applicable Laws. Recommendations of the visiting Party shall be given due consideration by the other Party.
(b) In the event that either Party fails to perform or ceases to perform its obligations set forth in this Article 5, and fails to commence such performance within a reasonable time of receipt of written notice from the other Party pursuant to Section 16.02(b), then (but without prejudice to any other rights of the other Party) the other Party shall have the right to perform, or cause one or more of its Affiliates to perform, such obligations. The reasonable expenses incurred by the performing Party in performing the obligations of the non-performing Party shall be recovered by the performing Party on a dollar-for-dollar basis. However, if the nonperforming Party is Sonus, Schering shall recover reasonable expenses incurred through reduction of the milestone payments and royalty payments next due to Sonus pursuant to Article III. [*] CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION The performing Party shall be entitled to reasonable cooperation and assistance from the non-performing Party, including, without limitation, assignment to the performing Party of sponsorship of Approval Applications if necessary to permit the exercise of the performing Party’s rights hereunder.
Performance of Development. Each Party shall commence and conduct its respective Development activities under this Agreement, in good scientific manner and in accordance with all applicable Laws.
Performance of Development