Common use of Development Records Clause in Contracts

Development Records. Licensee shall maintain documentation evidencing that Licensee is pursuing development of Licensed Products as required herein. Such documentation may include invoices for studies of Licensed Products, laboratory notebooks, internal job cost records, and filings made to the Internal Revenue Department to obtain tax credits, if available, for research and development of Licensed Products. Licensee shall permit Children’s and/or its representatives to audit the development records subject to the same procedures and restrictions set forth for audit of financial records in Section 4.7.

Development Records. Licensee shall continuously maintain customary documentation evidencing that Licensee is pursuing development of Licensed Products as required herein. Such documentation may include invoices for studies of Licensed Products, laboratory notebooks, internal job cost records, and filings made to the Internal Revenue Department Service to obtain tax credits, if available, for research and development of Licensed Products. Licensee shall permit Children’s Research Institute and/or its representatives an independent auditor who is reasonably acceptable to Licensee to audit the development records at Research Institute’s expense subject to the same procedures and restrictions set forth for audit of financial records in Section 4.7.

Development Records. Licensee LICENSEE shall maintain documentation evidencing that Licensee LICENSEE (including Affiliates and sublicensees) is pursuing development of Licensed Products as required herein. Such documentation may include include, but is not limited to, invoices for studies advancing development of Licensed Products, laboratory notebooks, internal job cost records, and filings filing made to the Internal Revenue Department Service to obtain tax credits, if available, for research and development of Licensed Products. Licensee shall permit Children’s and/or its representatives to audit the development records subject to the same procedures and restrictions set forth for audit of financial records in Section 4.7.