Joint Development Budget definition
Examples of Joint Development Budget in a sentence
For each such exclusive option, the Option Notice procedures of Section 4.4.2.2 and [***] shall apply mutatis mutandis, e.g., (i) PIRS shall issue an Option Notice to SGEN for such PIRS Collaboration Product prior to Initiating the first Pivotal Clinical Study therefor, such Option Notice to include an initial CoDev Product Plan and corresponding Joint Development Budget as well as an accounting of Reimbursable [***], and (ii) if SGEN timely exercises such option, [***].
For each CoDev Product, beginning on the date PIRS receives the Option Notice for the Collaboration Product corresponding to the CoDev Product, each Party shall be responsible for fifty percent (50%) of the Shared Costs for such CoDev Product as set forth in the associated Joint Development Budget.
If the Parties both wish to collaborate in the conduct of such Proposed Study(ies), the Proposing Party shall prepare an amendment to a CoDev Product Plan and Joint Development Budget to include the Proposed Study(ies) for review and approval by the JDC, and subsequently the JSC.
The Parties shall in good faith discuss such initial CoDev Product Plan and Joint Development Budget reasonably in advance of the anticipated [***] through the JDC.
The JFC shall provide a forum for the discussion and exchange of information between the Parties relating to Research Costs, the Program 1 Joint Development Budget, the [**] Co-Development Budget, the Additional Co-Development Budget, Allowable Expenses, Net Profits and Net Losses.
The Parties will share as Joint Development Costs the FTE Costs and Out-of-Pocket Costs incurred in the performance of regulatory activities for Licensed Products in the Profit-Share Territory to the extent in accordance with the applicable Joint Development Budget.
At any time during the term of the CDCP Agreement, if Precision believes that it may not have access to cash sufficient to cover its share of Development or Commercialization costs (in accordance with the Annual Joint Development Budget or Annual Joint Commercialization Budget, as applicable) for the then-following [***], Precision shall promptly notify Baxalta, and the Parties shall promptly meet and discuss in good faith to resolve the issue.
As contemplated under Section 3.2.2 (Amendments to Joint Development Plans), each Party may propose (the “Proposing Party”) for addition under the applicable then-current Joint Development Plan (and corresponding Joint Development Budget) Development of a Licensed Product for the Profit-Share Territory in an Indication not included in such then-current Joint Development Plan (“Additional Indications Development”).
In addition, the JDC may prepare amendments for approval by the JSC to the Joint Development Plan (including the corresponding Joint Development Budget) from time to time during the calendar year in order to reflect changes in such plan or budget for such calendar year, in each case, in accordance with the foregoing.
Any JSC-approved amended Joint Development Plan (including the corresponding Joint Development Budget) shall supersede the previous Joint Development Plan (including the corresponding Joint Development Budget) for the applicable period.