Reduction in Field. During the Initial Screening Phase, Stepan shall immediately provide notice to ERS if Stepan determines not to pursue a potential Joint Development Activity in any particular Field or portion of the Field, whether as a result of failure of technical verification, determination that feasible or attractive commercialization opportunities do not exist, or otherwise. [***]. Upon such notice, (i) the exclusivity granted to Stepan pursuant to Section 2.2 only with respect to the [***], and the Parties shall be released from the restrictions and obligations with respect to such exclusivity, and (ii) the Parties shall cease any and all joint development activities only with respect to the [***].
Appears in 2 contracts
Sources: Joint Development Agreement, Joint Development Agreement (Elevance Renewable Sciences, Inc.)