Commercial Product Development Sample Clauses

Commercial Product Development. (a) Once the concept has been proven as specified in Section 3.2, Innova will raise the funds specified in the relevant Project Specification to complete the development of the Product. Innova will make every reasonable effort to obtain the necessary funding (whether from grants or other funding sources, and potentially both from in South Africa and in other countries), but not be under an obligation to provide the funds themselves. Guardian will cooperate in the fundraising efforts as reasonably requested by the Innova, including by providing information in Guardian’s possession as reasonably requested by Innova. If Innova is not able to find full funding, Guardian may work with other organizations to obtain funds; but in such event Innova will continue to remain committed to the success of the Project and will continue to provide the other support and meets its other obligations under this Agreement with respect to the Project in question. If Innova is not able to obtain full funding or if the funding is exhausted prior to the completion of development of the Product, Guardian may elect to terminate the Project Specification or to proceed with development, in its discretion. (b) The Parties will work together to establish an appropriate development program for each Product such that the Product may be made commercially available. Such efforts may include establishing Product specifications and requirements and developing and executing clinical Product investigation and validation programs. Product specifications may include descriptions of mutually agreed upon Joint Intellectual Property development. Once the Parties have mutually agreed on the Product development program, the Parties shall mutually agree upon the sole responsibility for the Product development.