Common use of Phase 1 Delay Clause in Contracts

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.