Development Plans and Budgets Sample Clauses
The 'Development Plans and Budgets' clause establishes the requirement for parties to create, agree upon, and periodically update detailed plans and financial projections for a project or venture. Typically, this clause outlines the process for preparing and approving development milestones, timelines, and associated costs, ensuring that both parties have a clear understanding of expectations and resource allocation. By formalizing these plans and budgets, the clause helps prevent misunderstandings, facilitates project management, and provides a framework for monitoring progress and controlling expenditures.
Development Plans and Budgets. Promptly after the selection by the JRC of a SAC for development as a Collaboration Product by the Parties, the JDC shall prepare and provide to each Party for final approval a development plan for such SAC (the "Development Plan"). The Development Plan shall include all needed details regarding the Preclinical and Clinical Development, and other work to be undertaken to develop and produce the International Registration Dossier for such Collaboration Product, including an allocation of all such work as appropriate to each Party (or to selected Third Party contractors, as agreed), and shall establish a budget (the "Development Budget") for all costs and expenses to be incurred by each Party in conducting the work allocated to it under such Development Plan. The budget will be based on (i) an allocation of Full Time Equivalent (FTE) personnel of each Party working under the Development Plan, with each FTE costed at an annualized rate of U.S.$[...***...] (which rate will be increased on each anniversary of the Effective Date by [...***...]%); (ii) the actual extraordinary direct costs approved by the JDC, and (iii) the actual costs of work performed by Third Parties as approved by the JDC. Each Party shall diligently review the proposed Development Plan and shall either approve the plan or provide the JDC any requested changes and comments. If a Party provides such requested changes or comment to a proposed Development Plan, the JDC shall review the proposed changes within thirty (30) days, and as appropriate, thereafter prepare a revised draft of the Development Plan, accommodating such changes and comments, and resubmit such revised Development Plan for approval by the Parties as provided above. Once the Parties have agreed on the Development Plan proposed by the JDC, such Development Plan shall be effective and shall control and govern the Parties' development effort with respect to the applicable Product, subject to any subsequent amendments or modifications to such Development Plan as provided below. From time to time during the development of such Collaboration Product, the JDC shall review the Development Plan in light of the results of the development work and any other relevant Information and shall amend or modify the Development Plan as appropriate, provided that the JDC may not increase the applicable Development Budget without the written approval of each Party. At least sixty (60) days prior to January 1 of any year in which the Parties are dev...
Development Plans and Budgets. Prepare annually for Owner’s review, revise, and submit for Owner’s approval Development Plans and Budgets (and amendments and modifications to previously approved Development Plans and Budgets), and consulting with Owner as to such proposed development plans and budgets (or amendments and modifications thereto), including any amendments or modifications reasonably necessary following Owner’s acquisition of additional Oil and Gas Interests.
Development Plans and Budgets. (i) In the event that there is a tie vote of the Managers (a “Deadlock”) prior to the earlier of the end of the Catch-Up Period and December 31, 2011 (the “Initial Deadlock Period”) regarding approval of a Development Plan and Budget that is applicable to the Initial Deadlock Period and that is not resolved through negotiation by the Managers after a period of 60 days, Investor shall be entitled to suspend the Company’s exploration and drilling activities and all other cash expenditures of the Company, other than the minimum expenses required for salaries and benefits of critical employees of the Company and to maintain the existing operations of the Company (but not exploration, drilling, workover or similar activities) (a “Suspension”), provided that there has not been an Investor Default that remains uncured. In the event that there is a Deadlock following the Initial Deadlock Period regarding approval of a Development Plan and Budget that is not resolved through negotiation by the Managers after a period of 60 days, either Member shall be entitled to effectuate a Suspension, provided that, in the case of a Suspension sought by Investor, there has not been an Investor Default or other default on an obligation to make a Capital Contribution that remains uncured, and in the case of a Suspension sought by PDC, it has not defaulted on an obligation to make a Capital Contribution that remains uncured. During the pendency of a Deadlock with respect to a Development Plan and Budget, the most recently-approved Development Plan and Budget shall apply for purposes of prudently maintaining existing operations (but excluding suspended activities); provided, however, that, unless the Board of Managers otherwise determines, in no event shall the Company incur any expenses or pay funds in excess of the Company’s cash flow during a Suspension.
(ii) In the event that Suspensions have been in effect for four consecutive six-month periods, then either Member may (A) Transfer its Interest, subject to the provisions set forth in Section 6.5 or 6.6 or (B) elect to dissolve the Company under Section 7.1(d), upon which the non-electing Member will designate the Liquidator, which designee may be such non-electing Member or an Affiliate thereof.
(iii) To the extent a Suspension would cause the Company to lose its interest in any lease, then (a) during the Initial Deadlock Period, PDC shall have, and (b) following the Initial Deadlock Period, the non-suspending Member shall have,...
Development Plans and Budgets. During the term of the Development Program, TWT shall prepare in consultation with BML and provide to the Development Committee a reasonably detailed Development Plan and Budget pursuant to which performance of the Development Program will be performed. The Development Plan and Budget shall specify, on a Target-by-Target basis, the objectives, activities, timing and cost of the Development Program, together with a headcount of full time equivalents (FTEs) of TWT personnel to be devoted to the Development Program. The Development Plan shall also set forth the estimated Transfer Price of the Collaboration Product being developed. The Development Plan and Budget for a particular year shall include funding equal to the greater of: (i) the advance payments provided for such year in Section 7.2.1 below or (ii) such greater amount as established by the Development Committee including reimbursement for external expenses not included in the FTE rate (if any) incurred in accordance with the Development Plan and Budget in effect from time to time.
Development Plans and Budgets. Within [c.i.] of the Execution Date, and by [c.i.] of each year thereafter during the Term of the Development Program, DUSA shall submit to the Development Committee a good faith proposed plan and budget for the activities to be undertaken as part of the Development Program in the next succeeding calendar year. After reviewing and considering such proposal, the Development Committee shall prepare a reasonably detailed Development Plan and Budget pursuant to which the Development Program will be carried out. For the purpose of facilitating the long-term planning of goals for the development of the Collaboration Products, the Development Committee shall also develop a reasonably detailed [c.i.] development plan for each Collaboration Product included in the Development Program (the "[c.i.] Plan").
Development Plans and Budgets. Each Plan and Budget for Development is expected to include a reasonably detailed description of (and Budget for) all Development activities, such as for: (i) IND enabling studies; (ii) Clinical Trials; (iii) Manufacture and preparation of clinical supplies and placebo, including developing, establishing, and scaling-up Manufacturing capabilities for Commercialization; (iv) preparation and submission of ▇▇▇▇; and (v) any post-approval Clinical Trials (including phase IV Clinical Trials). The Parties will mutually agree on a consistent methodology for allocation of general and administrative expenses (as defined under GAAP) that are attributable to the activities contemplated in each Plan.
Development Plans and Budgets. For each Licensed Product in Development, the Development Team shall, on an annual basis, prepare a development plan and budget (the "DEVELOPMENT PLAN AND BUDGET"). Each Development Plan and Budget shall describe the overall program of Development for the Licensed Product in question, and a budget for related Development activities in the forthcoming calendar year. For Local/Regional ONYX-015, an initial Development Plan and Budget covering the period from September 1, 1999 through December 31, 1999 has been separately agreed to by the Parties.
Development Plans and Budgets