Examples of Development Budget in a sentence
In the event either Party identifies Excess Development Costs, the Parties shall discuss in good faith through the JSC the Joint Development Costs that are necessary and reasonable in order to perform the activities set forth in the CDP and any proposed amendments to the Joint Development Budget.
Once approved by the JSC, the amended CDP (including the corresponding amended Joint Development Budget) shall become effective for the applicable period on the date approved by the JSC (or such other date as the JSC shall specify).
Each Party shall promptly inform the JSC in writing upon such Party determining that it has incurred or is likely to incur Joint Development Costs for a Calendar Year that exceed the portion of the Joint Development Costs allocated to such Party in the Joint Development Budget for such Calendar Year (“Excess Development Costs”).
Except as otherwise provided in this Section 3.2, all Joint Development Costs incurred in accordance with the CDP and Joint Development Budget shall be shared equally (50/50) between BioNTech and OncoC4 in accordance with Section 7.3.
The amendment of the Development Plan and the Development Budget shall become effective only upon the approval of the JSC.