Common use of Authority and Coordination Clause in Contracts

Authority and Coordination. The Managing Party shall have the responsibility, obligation and authority to diligently pursue all reasonable efforts to identify suitable prospective Licensees for the Joint Invention, and to negotiate and enter into one or more License Agreements for the Joint Invention for the mutual benefit of the Parties. The Managing Party shall keep the Other Parties promptly and reasonably informed as to the plans and activities of the Managing Party with respect to the licensing matters, and the Managing Party shall give due consideration to the recommendations made by the Other Parties with respect to the licensing matters. Without limiting the generality of the foregoing, examples of the foregoing are that the Managing Party shall confer with the Other Parties regarding (i) term sheets for potential License Agree­ments; (ii) business plans of prospective Licensees for commercializing the Joint Invention; (iii) alternative licensing opportunities; and (iv) the draft License Agreement before it is signed. The Managing Party will respond in a timely manner to status inquires from the Other Parties regarding its licensing efforts. The Other Parties shall promptly communicate to the Managing Party any inquiries they receive regarding licensing the Joint Invention.

Authority and Coordination. The Managing Party shall have the responsibility, obligation and authority to diligently pursue all reasonable efforts to identify suitable prospective Licensees for the Joint Invention, and to negotiate and enter into one or more License Agreements for the Joint Invention for the mutual benefit of the Parties. The Managing Party shall keep the Other Parties promptly and reasonably informed as to the plans and activities of the Managing Party with respect to the licensing matters, and the Managing Party shall give due consideration to the recommendations made by the Other Parties with respect to the licensing matters. Without limiting the generality of the foregoing, examples of the foregoing are that the Managing Party shall confer with the Other Parties regarding (i) term sheets for potential License Agree­ments; (ii) business plans of prospective Licensees for commercializing the Joint Invention; (iii) alternative licensing opportunities; and (iv) the draft License Agreement before it is signed. The Managing Party will respond in a timely manner to status inquires inquiries from the Other Parties regarding its licensing efforts. The Other Parties shall promptly communicate to the Managing Party any inquiries they receive regarding licensing the Joint Invention.

Authority and Coordination. The Managing Party shall have the responsibility, obligation and authority to diligently pursue all reasonable efforts to identify suitable prospective Licensees for the Joint Invention, and to negotiate and enter into one or more License Agreements for the Joint Invention for the mutual benefit of the Parties. The Managing Party shall keep the Other Parties promptly and reasonably informed as to the plans and activities of the Managing Party with respect to the licensing matters, and the Managing Party shall give due consideration to the recommendations made by the Other Parties with respect to the licensing matters. Without limiting the generality of the foregoing, examples of the foregoing are that the Managing Party shall confer with the Other Parties regarding (i) term sheets for potential License Agree­mentsAgreements; (ii) business plans of prospective Licensees for commercializing the Joint Invention; (iii) alternative licensing opportunities; and (iv) the draft License Agreement before it is signed. The Managing Party will respond in a timely manner to status inquires from the Other Parties regarding its licensing efforts. The Other Parties shall promptly communicate to the Managing Party any inquiries they receive regarding licensing the Joint Invention.