Common use of Commercial Diligence Clause in Contracts

Commercial Diligence. Upon execution of this Agreement, Licensee shall diligently proceed with Commercially Diligent Efforts to develop, manufacture, practice, sell, and use the Licensed Products and/or Licensed Methods in order to make them readily available to the general public as soon as possible on commercially reasonable terms. Licensee shall continue active, Commercially Diligent Efforts for one or more Licensed Product(s) and/or Licensed Method(s) throughout the term of this Agreement (“Actively Commercializing”). In addition, Licensee shall perform at least the following obligations as part of its due diligence activities hereunder: [NOTE: The specific Due Diligence milestones in Section 5.1 are representative only; others may be substituted as long as they are objective and related to successful commercialization] (a) Licensee commercialization plan detailing each phase of development, the target markets and time frames toward first sale of the Licensed Products and Licensed Methods is attached in Exhibit F. Licensee shall keep Licensor apprised on any changes in the commercialization plan; (b) Licensee shall secure its startup round of funding which shall be no less than $ , on or before (c) Licensee shall secure its second round of funding which shall be no less than $ , on or before (d) Technical Milestone 1; (e) Technical Milestone 2; (f) Technical Milestone 3; (g) Technical Milestone 4; (h) Technical Milestone 5; (i) Licensee shall develop a working model on or before ; (j) Licensee shall spend at least dollars ($ ) on research, development, and commercialization of Licensed Products and/or Licensed Methods during the -year period following the Effective Date of this Agreement; and (k) Licensee shall have Net Sales by .

Commercial Diligence. Upon execution of this Agreement, Licensee shall diligently proceed with Commercially Diligent Efforts to develop, manufacture, practice, sell, sell and use the Licensed Products and/or Licensed Methods in order to make them readily available to the general public as soon as possible on commercially reasonable terms. Licensee shall continue active, diligent Commercially Diligent Efforts for one or more Licensed Product(s) and/or Licensed Method(s) throughout the term of this Agreement (“Actively Commercializing”). In addition, Licensee shall perform at least the following obligations as part of its due diligence activities hereunder: [NOTE: The specific Due Diligence milestones in Section 5.1 are representative only; others may be substituted as long as they are objective and related to successful commercialization] (a) Licensee commercialization plan detailing each phase of development, the target markets and time frames toward first sale of the Licensed Products and Licensed Methods is attached in Exhibit F. Licensee shall keep Licensor apprised on any changes in the commercialization plan; (b) Licensee shall secure its startup round of funding which shall be no less than $ , on or before (c) Licensee shall secure its second round of funding which shall be no less than $ , on or before (d) Technical Milestone 1; (e) Technical Milestone 2; 2 (f) Technical Milestone 3; (g) Technical Milestone 4; (h) Technical Milestone 5; (i) Licensee shall develop a working model on or before ; (j) Licensee shall spend at least dollars ($ ) on research, development, and commercialization of Licensed Products and/or Licensed Methods during the -year period following the Effective Date of this Agreement; and (k) Licensee shall have Net Sales by .