Diagnostic Development Milestones Clause Samples
The Diagnostic Development Milestones clause establishes specific benchmarks or stages that must be achieved during the development of a diagnostic product or technology. These milestones typically outline key deliverables, timelines, or performance criteria that the parties must meet, such as completion of prototype assays, validation studies, or regulatory submissions. By clearly defining these checkpoints, the clause helps track progress, triggers payments or other contractual obligations, and ensures accountability, thereby reducing uncertainty and aligning expectations between the parties involved.
Diagnostic Development Milestones. For each Diagnostic Product, Merrimack shall report in writing to Adimab the achievement of each event and pay the corresponding development milestone payment to Adimab (each, a “Diagnostic Development Milestone”), each within [**] days after the achievement of the corresponding Diagnostic Development Milestone event in the following table (whether achieved by or on behalf of Merrimack or its Affiliate or any other entity acting on behalf of any of them or having received a license, sublicense or other rights from any of the foregoing). If Merrimack requires an invoice for such purposes, it may request one in advance in order to be able to make timely payment.