Common use of Records, Reports and Information Clause in Contracts

Records, Reports and Information. Each Party shall maintain complete, current and accurate records of all work conducted by it under the Development Plan and all data and other Know-How resulting from such work. Such records shall fully and properly reflect all work done and results achieved in the performance of the Development Plan in sufficient detail and in good scientific manner appropriate for patent and regulatory purposes. Each Party shall provide written reports to the JDC on its Development and regulatory activities with the Collaboration Product pursuant to the Development Plan on a quarterly basis at the end of each Calendar Quarter, at a level of detail reasonably sufficient to enable the other Party to determine the reporting Party’s compliance with its Diligent Efforts obligations under Section 3.4. Each Party shall have the right to review any such records maintained by the other Party at reasonable times and upon written request in accordance with procedures established by the JDC.