Common use of Product Development Plan Clause in Contracts

Product Development Plan. Within three (3) months after the Effective Date of this Agreement Licensee shall submit a confidential product development plan (“Plan”) to University. The Plan shall set forth Licensee’s best estimate and forecasts of the primary tasks and schedule of milestones for the identification and development of Licensed Product(s) and Licensed Services. The Plan and any updates thereto shall contain the following minimum information: 7.2.1 Identification of Licensed Products and Licensed Services planned for commercial development; 7.2.2 Tasks to be performed by Licensee and its Sublicensees to commercially develop Licensed Products and Licensed Services including estimated time frames for pre-clinical studies, clinical trials, product development, market testing; 7.2.3 Tasks to be performed to achieve United States (and, as appropriate, foreign) regulatory approvals (including any IND applications, drug testing (Phases I, II, III), NDA filings or other certification for each Licensed Product and Licensed Service which requires such approvals, including time schedule; and, 7.2.4 Estimated time of First Commercial Sale of each Licensed Product and Licensed Service;