Common use of First Look Right of ACSB Clause in Contracts

First Look Right of ACSB. Before seeking, negotiating or soliciting offers from Third Parties to act as investigators or collaborators in any Subject BGM Project, BGM shall give written notice of such Subject BGM Project to ACSB (a “BGM Project Notice”), and shall provide ACSB with such additional information regarding such Subject BGM Project as ACSB shall reasonably request for the purpose of evaluating its interest therein within five (5) days following delivery of such BGM Project Notice. No later than ten (10) days following receipt of the applicable BGM Project Notice or, if later, five (5) days following receipt of any additional information requested by ACSB in response to such BGM Project Notice as described above, ACSB may give written notice to BGM that it wishes to negotiate a role for itself, CARIM or the University as an investigator or collaborator in connection with such Subject BGM Project (a “First Look Right”) on terms that are consistent with the terms of this Agreement. If ACSB so exercises its First Look Right with respect to a Subject BGM Project, the Parties shall negotiate exclusively (but solely as to such role as BGM reasonably anticipates may be filled by ACSB, CARIM and/or the University) and in good faith, for a period of up to thirty (30) days after such exercise, the terms of an agreement (which may take the form of a Licensing Addendum) pursuant to which ACSB, CARIM and/or the University shall provide project or collaboration services for such Subject BGM Project; provided, that no Party shall have any obligation to enter into any such agreement. If, with respect to a particular Subject BGM Project, ACSM does not so exercise its First Look Right or such an agreement is not entered into within such 30-day period, then BGM shall be free to approach Third Parties with respect to, and otherwise to conduct, such Subject BGM Project without further obligation to ACSB.