Common use of Updated Development Plan Clause in Contracts

Updated Development Plan. The Development Plan shall be updated as necessary, but not less than annually by the Joint Steering Committee not later than sixty (60) days prior to January 1 of each year during the Development Program. Such updated Development Plan shall include: (i) an overall development plan and budget for Compound which sets forth all major development tasks, if any, remaining to be accomplished prior to submissions for Regulatory Approvals; and (ii) a detailed description for the development activities proposed for the forthcoming calendar year, in each case including estimated time lines to accomplish such major tasks or detailed activities, respectively. The members of the Joint Steering Committee shall actively consult with one another throughout the term of the Development Program so as to adjust the specific work performed under the Development Plan to conform to evolving developments in technology and the results of work performed.