Common use of Target Development and Commercialization Plan Clause in Contracts

Target Development and Commercialization Plan. In addition to the above general diligence requirements, KI PHARMA shall meet the target development and commercialization plan for Venture Products. The target development and commercialization plan for the BNP7787 Products is set forth in Attachment D hereto, and those for the other Venture Products shall be decided by the parties hereto as soon as reasonably practical. These target development and commercialization plans will be updated on a semi-annual basis by the Steering Committee. If any of the specified targets are not met with respect to a particular Venture Product, and such targets continue to remain unmet for a period of 60 days or greater following notice to the parties by any party hereunder, then the parties hereto shall discuss and decide in good faith how to solve the problem. If (a) the specified development performance targets as defined by the Steering Committee for any particular Venture Product are not met on an annual basis for three consecutive years, or (b) such product does not receive Government Regulatory Approval to sell and distribute such product in the Territory within 10 years of the date of this Agreement or conveyance of a product to the Venture, then all licenses granted hereunder to such Venture Product, and to the Improvements, Patent Rights, and Know-How provided by GRELAN or BIONUMERIK with respect to such product shall terminate, and all right, title, and interest in such Venture Product shall revert to the party or parties who granted such rights to the Venture Product(s), provided that such rights shall not revert to a party if the failure to meet such target was caused in substantial part by the actions or failure to act of such party. An extension of the time to meet the development performance requirements in the previous sentence may be granted upon mutual agreement between GRELAN and BIONUMERIK.