The Research; Consulting Services Clause Samples

The Research; Consulting Services. 2.1. The Company hereby undertakes to finance performance of the Research during a period of twenty four (24) months beginning on the Effective Date (the “Research Period”) in accordance with the Research Program attached hereto as Appendix A or any amendment thereof. 2.2. The Research shall be conducted by and under the supervision of the Researcher as set forth in the Research Program. The Company shall have the right to terminate this Agreement and/or the Research if the Researcher becomes unavailable. Ramot shall have no liability in connection with such termination except for the reimbursement of the Company of any unexpended and uncommitted funds; committed funds which can reasonably be cancelled or mitigated shall also be refunded. 2.3. In addition to the Company’s right to terminate the Research pursuant to Section 2.2 above, (i) Company will have the right to terminate the second year of the Research, by sending a written notice to Ramot within 30 (thirty) days following the receipt of the First Year Report (as set forth in Section 2.5 below) for any reason whatsoever; and (ii) Company will have the right to terminate the second half of the second year of the Research, by sending a written notice to Ramot within 30 (thirty) days following the receipt of the Second Year Report (as set forth in Section 2.5 below) for any reason whatsoever. In case of such early termination, the Company shall pay for all Research performed until the effective date of the termination and for all reasonable substantiated expenses incurred by Ramot in connection with irrevocable commitments relating to the Research which cannot reasonably be mitigated. 2.4. As compensation to Ramot for procuring the conduct of the Research, subject to any earlier termination of the Research pursuant to Section 2.2 and 2.3 above, the Company shall pay Ramot the total sum of One Hundred Thousand US Dollars ($100,000) (the “Research Budget”) as further detailed in Appendix A, payable in Four (4) equal installments of Twenty Five Thousand U.S. dollars ($25,000) each every Six (6) months of the Research beginning on the Effective Date, payable within thirty (30) days of receipt of an appropriate invoice by the Company. 2.5. Researcher shall present the Company with a written report summarizing the results of the Research conducted by him during the performance of the Research as follows: (i) First Year Report following 10 (ten) months of the Effective Date; (ii) Second Year Report following ...