Development Milestone Events Clause Samples
The Development Milestone Events clause defines specific project benchmarks that must be achieved during the course of a development agreement. These milestones typically include key deliverables or stages, such as completion of design, prototype delivery, or final product testing, each with associated deadlines or criteria for completion. By clearly outlining these events, the clause provides a structured timeline for progress, facilitates monitoring of the project's advancement, and helps ensure accountability between the parties involved.
Development Milestone Events. Subject to the terms and conditions of this Agreement, if Licensee exercises the TARP8 Option pursuant to Section 2.2.3 (Option Exercise), Licensee will pay to ▇▇▇▇▇▇▇ each of the applicable milestone payments set forth in the table below upon the first (1st) achievement of the applicable development milestone event of a TARP8 Product. For clarity, each development milestone payment in this Section 6.3.1.1 (Development Milestone Events) will be payable only once and will be non-refundable and non-creditable. 1 [***] $[***] 2 [***] $[***] 3 [***] $[***] 4 [***] $[***] 5 [***] $[***] 6 [***] $[***] 7 [***] $[***] 8 [***] $[***] Licensee will provide ▇▇▇▇▇▇▇ with written notice of the first achievement of each development milestone event for each TARP8 Product within [***]. Licensee will make the corresponding development milestone payments to ▇▇▇▇▇▇▇ within [***]. [***]
Development Milestone Events. In further consideration of the licenses and rights granted to Novartis hereunder, upon [***] achievement by Novartis, its Affiliates, or its or their Sublicensees of a Development Milestone Event set forth below [***], the corresponding [***] Development Milestone Payment shall become payable by Novartis to Legend:
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Development Milestone Events. (a) RX-0047 Product. Subject to the terms and conditions set forth in this Section 4.2, HaiChang shall make each of the one-time, non-refundable, non-creditable milestone payments to Rexahn that are set forth below upon the first occurrence of the corresponding milestone event by or on behalf of HaiChang or its Affiliates with respect to an RX-0047 Product. Each milestone payment under this Section 4.2(a) shall be paid only once with respect to the first time such milestone event is achieved.
Development Milestone Events. Hansoh shall pay to Keros the one-time, non-refundable, non-creditable payments set forth in the table below upon the first achievement by a Licensed Product of the applicable milestone event in the Hansoh Territory, whether by or on behalf of Hansoh, its Affiliate, or their respective sublicensees.
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9. [***] [***] If a milestone event is achieved and the prior milestone payment with respect to any previous milestone event in the same Indication has not been paid, then Hansoh shall pay Keros the applicable unpaid previous milestone payment(s) pursuant to Section 8.2(b). For clarity, if a milestone event is achieved with respect to any Licensed Product and Hansoh has paid Keros the corresponding milestone payment pursuant to Section 8.2(b), then Hansoh shall have no obligation to make a further milestone payment if such milestone event is achieved again with respect to another Licensed Product (e.g., a Licensed Product containing a different Licensed Compound than the initial Licensed Product which first achieved such milestone event).
Development Milestone Events. Subject to the terms and conditions set forth in the remainder of this Section 4.2, EyePoint shall make each of the one-time milestone payments to Equinox that are set forth below upon the first achievement of the corresponding milestone event with respect to the Compound or a Licensed Product by or on behalf of EyePoint or its Affiliate or Sublicensee. Each milestone payment under this Section 4.2 shall be paid only once with respect to the first time such milestone is achieved, and no more than Fifty Million Dollars ($50,000,000) in milestone payments shall be payable under this Section 4.2 no matter how many times the milestone events are achieved.
Development Milestone Events. Pfizer shall make Development milestone payments (each a “Development Milestone Payment”) to Arvinas based on achievement of the Development milestone events as set forth in this Section 8.3(a) (each as “Development Milestone Event”). [**] [**] Dollars ($[**]) [**] [**] Dollars ($[**]) [**] [**] Dollars ($[**])
Development Milestone Events. Subject to the terms and conditions set forth in Section 4.10(b) and this Section 5.2, Qilu shall make each of the one-time, non-refundable, non-creditable milestone payments to Sesen that are set forth below upon the first occurrence of the corresponding milestone event by or on behalf of Qilu or its Sublicensee with respect to the first Licensed Product. Each milestone payment under this Section 5.2 shall be paid only once with respect to the first time such milestone event is achieved.
Development Milestone Events. The third milestone event in Table 1 for $[…***…] shall be amended and restated as follows: “[…***…]”