Phase 1 Delay Clause Samples
Phase 1 Delay. Celltrion will have the right to terminate this Agreement if Rani fails to (a) Initiate a Phase 1 Trial with Product [*], or (b) deliver the Phase 1 Data to Celltrion [*], in each case commencing from delivery of the full amount of Initial Supply to Rani that complies with the terms of this Agreement. For clarity, if such Phase 1 Trial has multiple parts (e.g., a part 2 repeat-dose portion), then for purposes of the preceding sentence the Phase 1 Data shall mean solely the data related to the single-dose or single-ascending dose portion of such trial, as applicable. Such period will be extended for any delays caused by Celltrion, and if requested by Rani Celltrion will consider in good faith an extension if there are delays caused by matters outside the Parties’ reasonable control. If Rani intends to extend such period for any delay it believes is caused by Celltrion, it will promptly notify Celltrion so the Parties can confirm or dispute such proposed extension.
Phase 1 Delay. If Operator fails to achieve RFS for Phase 1 by Delivery Date 1 (such date, the “Phase 1 Trigger Date”) other than as a result of a Force Majeure Event or a Customer-Caused Delay (as defined below), Operator shall pay Customer delay credits (“Daily RFS Credits”) as follows: (i) [***] of the MRC Base for Phase 1 (as defined in Exhibit D) for each day of delay from [***] following expiration of a [***] cure period; (ii) [***] of the MRC Base for Phase 1 for each day of delay from [***] following expiration of such [***] cure period; (iii) [***] of the MRC Base for Phase 1 for each day of delay from [***] following expiration of such [***] cure period. Daily RFS Credits shall continue to accrue at the rate set forth in clause (iii) above for [***] until the earlier of actual RFS achievement or the effective date of any termination exercised by Customer under this Section 4.3(a).