Common use of Development, Marketing and Sales Steering Committee Clause in Contracts

Development, Marketing and Sales Steering Committee. The parties shall establish a development, marketing and sales steering committee (the "Committee") comprised of three (3) voting representatives designated by each party. The Committee will be administered by a chairman appointed from the members, alternating yearly among representatives of Biomatrix and Wyeth. The Committee will meet at least twice annually, or more often if necessary as requested by either party, and written minutes of each meeting shall be kept. In addition to any specific powers granted to the Committee in this Agreement and the Supply Agreement, the Committee shall oversee the continued development of the Improvements and Extended Products with respect to label extensions, product reimbursement approvals, the marketing and sale of the Products and Extended Products, and the development of promotional programs and the preparation of marketing studies. The Committee shall not have the authority to change the responsibilities of the parties under this Agreement. Decisions of the Committee shall be made by consensus (a majority of the members designated by each party). The Committee will have no control over the marketing and sales budget of either party. If, after a period of thirty (30) days (or earlier at the election of either party), a matter is still not resolved, it shall be referred to the CEO of Biomatrix and the Executive Officer of American Home Products Corporation responsible for its global pharmaceutical operations, or their designees, to resolve in a period of thirty (30) days through good faith discussions, or if still unresolved, to promptly agree upon a binding third party dispute resolution mechanism intended to promptly and fairly resolve the matter in dispute. The Committee will have no control over the marketing, sales or development budget of either party.

Development, Marketing and Sales Steering Committee. The parties shall establish a development, marketing and sales steering committee (the "Committee") comprised of three (3) voting representatives designated by each party. The Committee will be administered by a chairman appointed from the members, alternating yearly among representatives of Biomatrix and Wyeth. The Committee will meet at least twice annually, or more often if necessary as requested by either party, and written minutes of each meeting shall be kept. In addition to any specific powers granted to the Committee in this Agreement and the Supply Agreement, the Committee shall oversee the continued development of the Improvements and Extended Products with respect to label extensions, product reimbursement approvals, the marketing and sale of the Products and Extended Products, and the development of promotional programs and the preparation of marketing studies. The Committee shall not have the authority to change the responsibilities of the parties either party under this Agreement. Decisions of the Committee shall be made by consensus (a majority of the members designated by each party). The Committee will have no control over the marketing and sales budget of either party. If, after a period of thirty (30) days (or earlier at the election of either party), a matter is still not resolved, it shall be referred to the CEO of Biomatrix and the Executive Officer of American Home Products Corporation responsible for its global pharmaceutical operations, or their designees, to resolve in a period of thirty (30) days through good faith discussions, or if still unresolved, to promptly agree upon a binding third party dispute resolution mechanism intended to promptly and fairly resolve the matter in dispute. The Committee will have no control over the marketing, sales or development budget of either party.