Common use of Description and Term Clause in Contracts

Description and Term. The drug discovery Target Validation Program shall commence on the Effective Date and be conducted by Lilly and Isis during the Target Validation Program Term in accordance with the Collaborative Research Plan. The Target Validation Program Term shall become effective on the Effective Date and shall continue in effect for four (4) years, unless Lilly exercises it option to extend the Target Validation Program Term, as provided in Section 13.1, the Parties otherwise mutually agree to extend or terminate the Target Validation Program, or the Collaboration is terminated in accordance with Article 13. The Collaborative Research Plan includes the Critical Success Factors for the Target Validation Program including the Critical Success Factors for Validation Targets. By execution of this Agreement, the initial Collaborative Research Plan, including the Critical Success Factors, are approved by each Party. The Joint Research Committee is responsible for implementing the Collaborative Research Plan and any modifications or amendments thereto consistent with the terms of this Agreement.