Updated Technology Clause Samples

Updated Technology. 43.2.1. During the term of this Agreement Seller shall advise Buyer of technology developments that, if incorporated into the Work, would result in improved performance and capabilities. 43.2.2. Seller shall not incorporate any technology developments into the Work unless and until so directed by ▇▇▇▇▇ in an Amendment to this Agreement.

Updated Technology. During the term of this Agreement, SUMITOMO shall advise CONFORMA as soon as commercially reasonable of any improvements or inventions concerning the Compound and/or the Product or its use made by either SUMITOMO or any of its Affiliates, Licensees or Third Parties contracted by SUMITOMO, as well as status of each Patent and acquisition of new Patent. The foregoing improvements or inventions constitute parts of the rights granted to CONFORMA under Section 2.1, except for those rights which SUMITOMO has acquired or obtained pursuant to a license from a Third Party which is subject to the payment of consideration by SUMITOMO, in which case SUMITOMO shall only be obliged to grant a license to such improvements or inventions to CONFORMA to the extent permitted by the arrangement with such Third Party and the grant of such license to CONFORMA shall be subject to the payment of reasonable additional compensation by CONFORMA, provided that SUMITOMO shall use its Commercially Reasonable Efforts to obtain from such Third Party the right to license such improvements or inventions to CONFORMA, and use its Commercially Reasonable Efforts to mitigate the consideration thereof. With respect to an additional compensation for such improvements or inventions, the Parties shall negotiate in good faith a reasonable compensation for license grant to CONFORMA.