Diligence and Commercialization Requirements Clause Samples

Diligence and Commercialization Requirements. 5.1 Diligence and Commercialization Efforts by DERMA. (a) DERMA will have full responsibility for seeking and obtaining Regulatory Approval and Reimbursement Approval and for the Commercialization of all Products in the Field in the Territory. DERMA shall provide to QMT written monthly development status reports describing, in reasonable detail, the efforts undertaken for, and the status of development of, the Products by DERMA. Such status reports shall also summarize the clinical trials, Regulatory Filings, applications and Regulatory Approvals with respect to any Product that DERMA has made, sought or obtained. If DERMA elects to stop or abandon, either permanently or temporarily, the development, Regulatory Approval or Commercialization of Products, DERMA shall promptly notify QMT of such decision. (b) DERMA will exercise Commercially Reasonable Efforts and diligence in undertaking Product development, including investigations, clinical studies, and other appropriate actions required to obtain Regulatory Approval and Reimbursement Approval and obtain and maintain regulatory filings and to Commercialize Products in the Field in the Territory. For purposes of this Agreement, “Commercially Reasonable Efforts” means, with respect to a given Product, efforts consistent with the efforts normally used by DERMA in good faith and fair dealing for a product of its own discovery of similar market potential at a similar state in its product life.