Termination of Development Phase. The Development Phase as to any compound may be terminated (a) at any time by the mutual consent of the Parties or (b) by either Party upon written notice to the other if the Joint Steering Committee has been unable to agree on the budget or scope of an Annual Development Plan for a compound pursuant to Section 4.1.2 and, after the matter has been submitted for arbitration pursuant to Section 7.2 hereof, the terminating Party determines in good faith that it is unable to proceed with development of such compound based on the determination of the arbitrator.
Appears in 3 contracts
Sources: Strategic Collaboration Agreement (Epix Medical Inc), Strategic Collaboration Agreement (Epix Medical Inc), Strategic Collaboration Agreement (Epix Medical Inc)