Process Development Agreement Sample Clauses

Process Development Agreement. In contemplation of Buyer operating the Wafer Fabrication Facility, Buyer will require technical expertise to develop processes necessary for said Facility's operation. The parties intend to enter into a contract separate and distinct from this Agreement. ▇▇▇▇▇ has commenced work on said processes prior to the execution of this Agreement in contemplation of this Agreement being signed. Effective as of December 28, 1998, Buyer and Seller shall enter into a Process Development Agreement ("PDA"), under which Seller, with Buyer's assistance, shall develop the processes necessary to manufacture Buyer's wafers. The PDA shall further provide that, once Seller has developed such processes, Seller shall assign such processes to Buyer. The parties agree that the consideration for the PDA shall be $2,800,000 payable pursuant to the terms of the PDA. The PDA shall contain such other terms as are customary and reasonably satisfactory to Buyer and Seller.