Common use of Project Delay Clause in Contracts

Project Delay. If the Report indicates Significant Delays, (i) either Party may call a project review meeting (the “Project Review Meeting”) to be held at Licensee’s headquarter or business center near a clinical site. Each Party shall bear its own costs and expenses attending such Project Review Meeting; (ii) the relevant Subcontractor and principal investigator of Licensee carrying out the clinical trial for Licensed Products will attend the Project Review Meeting, if necessary; (iii) the Project Review Meeting will determine the cause of the delay, and find measures to correct the delay and to avoid further delays; (iv) the meeting minutes of the Project Review Meeting, containing the cause of delay and proposal for new measures shall be signed by each Party at the end of the meeting; (v) if the Parties cannot reach resolution for new measures, the opinion of the Subcontractor and principal investigator of Licensee shall prevail; and (vi) any new measures or resolution agreed by both Parties following the Project Review Meeting shall be implemented by the Parties immediately after the Project Review Meeting.