Common use of Work Plan and Budget Clause in Contracts

Work Plan and Budget. Licensor will conduct pre-clinical development activities with respect to the Licensed Product in accordance with the Work Plan (“Licensor Pre-Clinical Activities”). The initial Work Plan is attached to this Agreement as Exhibit C. The JSC shall review the Work Plan on a biannual basis and shall adjust and make appropriate changes to the Work Plan, based on the results and progress to date. If any such adjustments require additional funds, such changes will be at Company’s expense. Company shall fund the performance of the Licensor Pre-Clinical Activities pursuant to the budget set forth in the Work Plan including all direct and in-direct costs as set forth therein.