Common use of INC’S OBLIGATIONS Clause in Contracts

INC’S OBLIGATIONS. 3.1. Commercially Reasonable Efforts. INC shall use its commercially reasonable efforts and resources to i. obtain an individual HCPCS code and reimbursement price for the Licensed Product from the Relevant Authorities in the Territory. ii. exploit the License and thus to market the Licensed Product and the Lamp. iii. provide the service and maintenance for the Lamp to customers as instructed and trained by PHARMA. The standard of such commercially reasonable efforts and resources shall in each case be the efforts and resources that INC would, in accordance with industry standards and practice for a company of comparable size and capability and active in the same business area, use in promoting, detailing and marketing its own pharmaceutical products that are of comparable market potential as the Licensed Product, taking into account product labeling or anticipated labeling, present and future market potential, past performance (if any), economic return potential, medical and clinical considerations, the present and future regulatory environment (including pricing and reimbursement) and competitive market conditions in the Field, all as measured by the facts and circumstances at the time such efforts are due, but without taking into account any payment obligations to PHARMA under this Agreement. If reimbursement in the Territory is required for commercial success, such commercially reasonable efforts shall include, but not be limited to, for INC to use its commercially reasonable efforts and resources to obtain favorable decisions of the responsible authorities in the Territory about the reimbursement of the Product where such reimbursement is desirable.