Common use of Custom Product Development Clause in Contracts

Custom Product Development. Promptly after the execution of this Agreement, the Parties shall undertake to develop a custom labeled packaged product suitable for marketing with Iomed's Iontophoretic Delivery System and suitable for manufacturing on American Regent Inc.'s standard packaging equipment for fliptop containers. The Parties shall use their reasonable best efforts to successfully complete the product development and to obtain U.S. Food and Drug Administration ("FDA") marketing approval of the Product. It is understood and agreed that 2 there is no guarantee that the product development will be successful and no representation or warranty of any kind is given by either party that a marketable Product will result from the development.

Custom Product Development. Promptly after the execution of this Agreement, the Parties parties shall undertake a project to develop a custom labeled packaged product suitable for marketing with Iomed's Iontophoretic Delivery System iontophoretic medical administration device and suitable for manufacturing on American Regent Inc.'s standard Abboxx'x xxxndard packaging equipment for 2 fliptop containers. The Parties parties shall use their reasonable best efforts to complete successfully complete the product development and to obtain U.S. Food and Drug Administration ("FDA") marketing approval of the Product. It is understood and agreed that 2 there is no guarantee that the product development project will be successful and no representation or warranty of any kind is given by either party that a marketable Product will result from the developmentproject.