Common use of Research Management Clause in Contracts

Research Management. (a) During the term of the Agreement, three or more representatives of each party will be named to serve on the Joint Research Committee (the "JRC"). The JRC shall meet regularly (at least two times per year in person and more frequently at the call of a 11 ***CONFIDENTIAL TREATMENT REQUESTED representative from either party face to face, by telephone or video conferencing) to oversee the progress of the Research. The timing and location of such meetings will be agreed upon by the parties. SGX will provide a written report (the "Progress Report") detailing the progress of the Research quarterly, with the Progress Report scheduled for quarters immediately preceding meetings of the JRC to be distributed to CFFT at least three (3) business days prior to such meetings. Without limitation, SGX will include in the Progress Reports in reasonable detail SGX's interpretation of the data. (b) The JRC will be responsible for: approving the detailed research plans for the first and subsequent years of the Research and any revision thereto; coordinating and monitoring research progress; determining the numbers of FTE's required to accomplish the tasks specified in the Research Plan, determining the successful completion of Appendix A milestones and Milestone Events; ensuring open and frequent exchanges between the parties with respect to Research activities; and approving priorities of the Research and allocations of tasks and resources required to carry out the goals of the Research. All such decisions will be made by consensus of the JRC; provided however, that CFFT will have the final decision as to the setting of priorities for the Research and with respect to all decisions relating directly or indirectly to payments (including the completion of Appendix A milestones and Milestone Events) under this Agreement. Decisions of the JRC are [...***...].