Exploratory Development Records and Reports Clause Samples

Exploratory Development Records and Reports. Each Party shall maintain, or cause to be maintained, records of its Exploratory Development Activities (including any Development activities undertaken pursuant to the Joint Exploratory Development Plan or any Unilateral Exploratory Development Plan) in accordance with Applicable Law and in sufficient detail and in good scientific manner appropriate for patent and regulatory purposes, which shall be complete and accurate and shall properly reflect all work done and results achieved in the performance of such Exploratory Development Activities, and which shall be retained by such Party for at least [***] years after the termination of this Agreement, or for such longer period as may be required by Applicable Law. Each Party shall have the right, during normal business hours and upon reasonable notice, to inspect and copy any such records, except to the extent that a Party reasonably determines that such records contain Confidential Information that is not licensed to the other Party. Each Party shall provide the JRDI and the other Party with such reports summarizing in reasonable detail its Exploratory Development Activities under this Article 4 and the results of such activities as the JRDI or the other Party reasonably requests.