Common use of Diligence Generally Clause in Contracts

Diligence Generally. Licensee shall use commercially reasonable efforts consistent with the efforts and resources normally used in good faith and fair dealing for a product of its own discovery of similar market potential at a similar stage in its product life, taking into account the competitiveness of the market place, the proprietary position of the product, the regulatory structure involved, the profitability of the applicable products and other relevant factors (“Commercially Reasonable Efforts”), (a) to pursue the development, commercialization, and marketing of at least one Licensed Products for each Specified Disease in the Field in each Major Country and (b) to undertake investigations and actions required to obtain appropriate Regulatory Approval therefor.