Common use of Feasibility Assessment Clause in Contracts

Feasibility Assessment. During a period estimated to be [*] months after the Effective Date, SpectRx will use commercially reasonable efforts to prove the feasibility of the Skin Product. If SpectRx determines that further efforts to prove feasibility are not warranted, it may discontinue same and notify Welc▇ ▇▇▇▇▇, ▇▇t if SpectRx thereafter renews its efforts to prove feasibility at any time before the first to occur of: i) expiration of [*] after termination of this Agreement and any joint venture formed pursuant to Section 6.6 of this Agreement, or ii) expiration of [*] after the Effective Date of this Agreement, then Welc▇ ▇▇▇▇▇ ▇▇▇ll have the option to participate in the development of the Skin Product as provided in this Section. If SpectRx determines that it has reasonably proved feasibility of the Skin Product it shall prepare and deliver a submission (the "Feasibility Assessment")