Common use of Proposal Stipulations Clause in Contracts

Proposal Stipulations. The offers expressed or implied in this proposal will be valid until 30 April 2007. This document is for the purpose of establishing a clear understanding of our potential relationship only. It does not constitute a legal agreement. Until the appropriate project initiation document is executed, no terms or conditions within this document should be construed as any firm offer or commitment, nor should this document be construed as a constraint to preclude or limit concurrent discussions with other parties regarding substantially identical, similar, or related subject matter. If this proposal is agreeable, please contact [**] to arrange for preparation of the appropriate Research Agreement. This term sheet is [**] and reflects their intent to negotiate a definitive License Agreement with terms and conditions substantially equivalent to those in this term sheet. NuPathe, Inc. (“NuPathe”) Brookwood Pharmaceuticals, Inc. (“Brookwood”) To conclude a definitive License Agreement (the “License Agreement”) between Brookwood and NuPathe with respect to Brookwood’s interest in Research Inventions and Brookwood’s Technology related to the Product. The Agreement while including the terms agreed upon in the Term Sheet will incorporate additional and more detailed terms and conditions to be negotiated between parties.