Common use of Specific Milestones Clause in Contracts

Specific Milestones. In addition to the efforts described in Section 4.1, Licensee shall meet the following specific milestones: (a) File IND for a Licensed Product in the Territory within 12 months of the Effective Date; and (b) Achieve First Commercial Sale of Licensed Products in the Field the Territory within 48 months of the Effective Date. Each of the events specified above will be referred to herein as a “Milestone Event”, and Licensee will use its Commercially Reasonable Efforts to achieve each of the Milestone Events prior to the time deadlines specified above. The efforts of Affiliates and Sublicensees shall be deemed efforts of Licensee for the purpose of determining Licensee’s compliance with this Section 4.2.