Early Development Program Term Clause Samples
The Early Development Program Term clause defines the specific duration during which an early-stage development program will operate under the agreement. Typically, this clause outlines the start and end dates of the program, and may include provisions for extension, renewal, or early termination based on certain milestones or mutual agreement. Its core function is to provide clear temporal boundaries for the program, ensuring both parties understand their commitments and can plan resources and activities accordingly.
Early Development Program Term. Each Early Development Program will start at the earlier of commencement of activities under such Early Development Program or adoption of the Early Development Plan by the JSC, and will terminate upon the earlier of (a) the date on which GSK exercises its Product Option for the sixth (6th) Option Compound, (b) the date on which the JSC agrees to terminate such Early Development Program without either the JSC or GSK nominating a substituting Backup Compound for the lead Development Candidate against such Collaboration Target; or (c) ten (10) years from the start of the Early Development Program (the “Early Development Program Term”), unless earlier terminated pursuant to other applicable provisions of this Agreement; provided however, that ChemoCentryx’ diligence obligations shall apply only to the first five (5) years of any such Early Development Program Term.
Early Development Program Term. Each Early Development Program will start at the earlier of commencement of activities under such Early Development Program or adoption of the first Early Development Plan by the JSC for such Early Development Program and will terminate upon the earliest of:
(a) the date on which (i) GSK exercises its Program Option for the applicable Program or (ii) the Option Period for such Program expires with the Program Option unexercised;
(b) the date on which the JSC approves the termination of such Early Development Program;
(c) [********] from the start of such Early Development Program; or
(d) the date on which the JSC determines that a Development Candidate for which the PoC Trial was conducted failed to meet the PoC Criteria, unless both (i) such date is before the end of the Initial Term and (ii) Targacept elects by written notice to GSK within [********] after such determination to continue such Early Development Program by continuing to Develop a Backup Compound for a period specified in such notice (the period of such Early Development Program, the “Early Development Program Term”). Notwithstanding the foregoing, with respect to any Program for which: