Ongoing Development definition
Examples of Ongoing Development in a sentence
The “Functional Currency” for accounting for Ongoing Development Expenses, Other Out-of-Pocket Costs and Development Expenses will be U.S. dollars.
All Development Expenses, Ongoing Development Expenses and Other Out-of-Pocket Costs will be based on the appropriate costs definition stated in the Agreement or Section A.1 of this Exhibit C.
Expenses charged by either Party as Ongoing Development Expenses, Other Out-of-Pocket Costs and Development Expenses shall not exceed [****] of the amount included for the total expenditure in the then current Development Plan or Annual Workplan/Budget, as the case may be, unless the JFC recommends, and the JSC approves such excess expense.
Gross Sales Less: Sales Returns and Allowances = Net Sales Less: Cost of Sales = Gross Profits Less: Marketing Costs Less: Sales Costs Less: Ongoing Development Expenses Less: Other Out-of-Pocket Costs = Contribution Less: Distribution Costs = Collaboration Product Profit (Loss) *Certain information on this page has been omitted and filed separately with the commission.
The financial representatives from each Party on the JFC shall be responsible for, within [****] days following the end of a Calendar Quarter, preparing a statement (“Reconciliation Statement”) in a format agreed to by the Parties showing each Party’s results, the calculations of Ongoing Development Expenses, Other Out-of-Pocket Costs, Cost of Clinical Supplies, COGM and Development Expenses sharing under Section 3.6 of the Agreement and any cash settlement required.
Each Party (an “Expense Incurring Party”) agrees to keep full, clear and accurate records for a period of at least [****] after the relevant report is made pursuant to Section 9.5(c) setting forth its incurred Development Expenses, Operating Expenses, Ongoing Development Expenses, Other Out-of-Pocket Costs in sufficient detail to enable compensation payable to the other Party (an “Expense Reimbursing Party”) hereunder to be determined.
Each Party shall report Development Expenses and Ongoing Development Expenses based on its project cost system (which shall in any event track FTEs by functional area and by month) or using such other system as such Party applies with respect to its internal programs and which system has been reviewed with the JFC.
Separately reported will also be: Other Development Costs Development Expenses Cost of Clinical Supplies Ongoing Development Expense It is the intention of the Parties that the interpretation of these definitions will be in accordance with U.S. GAAP consistently applied consistent with a Party’s report in its financial statements filed in accordance with the Securities Exchange Act of 1934, as amended.
This FTE rate shall apply to the FTE Costs related to Development Expenses, and Ongoing Development Expenses.
The R&D FTE Rate shall apply to the FTE Costs related to Development Expenses and Ongoing Development Expenses for Co-Developed Compounds.