Target Update Sample Clauses
The Target Update clause defines the process and conditions under which the parties may revise or adjust specific performance targets or objectives set out in an agreement. Typically, this clause outlines the circumstances that justify a target update, such as changes in market conditions, regulatory requirements, or mutual agreement between the parties, and may specify the procedure for proposing and approving such updates. Its core practical function is to provide flexibility and adaptability within the contract, ensuring that targets remain relevant and achievable as circumstances evolve, thereby reducing the risk of disputes or non-performance due to outdated or unrealistic objectives.
Target Update. If a proposed Target is not selected as a substitute Licensed Target due to it being [***] Target, such Target will not count against the Substitution Cap. If, during the Nomination Period, such Target ceases to be [***] Target, Sirius will promptly notify CRISPR that such Target is no longer [***] Target, and, thereafter, subject to the Substitution Cap, CRISPR may at its option (exercisable at any time within [***] days of CRISPR’s receipt that such Target is no longer [***] Target) replace a Licensed Target with such Target.