Specifications Phase Clause Samples

Specifications Phase. During the Specifications Phase, the Parties shall develop detailed operational and functional specifications (the "Specifications") for the Nasdaq Application that expands on the specifications agreed to on the Effective Date and reflected in the Schedules. As used in this Agreement, the term "Specifications" shall incorporate time schedules, equipment requirements and other Schedules referenced in this Agreement. The Specifications shall allocate the development and implementation responsibilities of each Party as set forth in sections 1.3, 1.4, and 1.5 and shall describe, but not be limited to, the following: