Annual Development Plan. Not later than sixty (60) days after December 31 of each Calendar Year, Licensee shall submit to Merck an updated Development Plan for the pending Calendar Year. Such update shall take into account completion, commencement, changes in or cessation of Development activities not contemplated by the then-current Development Plan in sufficient detail to reflect the Commercially Reasonable Efforts of Licensee or a Related Party for the Development of Licensed Product in the Field. Merck shall have the right to comment on such annual plan. In the event Merck reasonably disagrees with the plan, Licensee shall in good faith consider Merck’s comments for revising the plan; provided, however, that Licensee shall not be obligated to incorporate such Merck comments and Licensee retains final decision making authority with respect to all such plans.
Appears in 4 contracts
Samples: How License Agreement (Cerecor Inc.), Exclusive Patent And (Cerecor Inc.), How License Agreement (Cerecor Inc.)
