Common use of Development Plan and Development Budget Clause in Contracts

Development Plan and Development Budget. Promptly following the designation of a Collaboration Lead Compound pursuant to Section 3(b), the JDC shall initiate preparation of the development plan for the Development (the "Development Plan") and a budget (the "Development Budget") for proposed Development Costs (as defined in Section 3(f)). The initial Development Plan shall set time lines and priorities for the various Development activities through [ * ] and identify which Party, or whether a Third Party, is to be responsible for each activity. The budget for each development program shall include a detailed short-term budget covering all proposed Development Costs of the program expected during the subsequent [ * ] (the "Short-Term Budget Period") of the Development process. Both Parties recognize that the Development Plan and the Development Budget represent projections only and will be subject to frequent changes. Each such Development Plan and Development Budget shall be updated as deemed appropriate by the JDC, but in no event less frequently than [ * ] and approved by the JDC not later than thirty (30) days prior to each [ * ] of each applicable calendar year.