BND definition
Examples of BND in a sentence
Subject to the terms and conditions of this Agreement, BDSI hereby grants to BND an exclusive license throughout the Territory, with the right to grant sublicenses (subject to Sections 3.4 and 3.5), to make, use or sell Licensed Products in the Field.
It is understood and agreed that the primary purpose of this Agreement is to enable BND to seek out and secure arrangements with Sublicensees who will, in turn, sublicense the Licensed Technology from BND to create Consumable Products.
In the event that BDSI fails to provide a written response to BND within such 60-day period, then BDSI shall be deemed to have consented to BND's request to develop a Consumable Product.
BND agrees that such consent may be granted or withheld in BDSI's sole discretion.
It is not intended that BND will itself develop, manufacture, produce, distribute, market or sell any Consumable Products.
However, in the event that BND seeks to develop or sublicense a Consumable Product, prior to developing or sublicensing such Consumable Product, BND will notify BDSI in writing regarding the identity of such Consumable Product and BND's intent to develop or sublicense the same ("Product Development Notification").
BDSI shall notify BND in writing of its consent to BND's request to develop a Consumable Product within sixty (60) days of receipt of a Product Development Notification.
This Agreement shall be binding upon and shall inure to the benefit of BND and its successors and permitted assigns and shall be binding upon and shall inure to the benefit of the BDSI and its successors and permitted assigns.
Where BND has outstanding sublicense agreement(s) with a Third Party at the time that a termination notice is given by either Party, BDSI shall have the right, in its sole and absolute discretion, to acquire and assume, and BND shall assign and transfer all of BND's rights to the sublicense with the Third Party for no consideration other than the payment of the aforementioned termination fee.
BDSI's Patent Coordinator shall provide the BND Patent Coordinator at least once per Fiscal Year with an updated list of the licensed patents and applications.