Finance Working Group. Within [*****] after the Effective Date, Cxxxxxxx and Taiho shall establish a joint Finance Working Group (the “Finance Working Group”), which shall report to the JDC with respect to the Development of the Collaboration Products, to the JCC with respect to the Commercialization of the Collaboration Products and to the JSC with respect to the Pre-Tax Profit or Loss in accordance with the Reconciliation Procedures and the Financial Exhibit, and operate in coordination with the various committees and Working Groups. The Finance Working Group shall include individuals from each Party with reasonable expertise in the areas of accounting, cost allocation, budgeting and financial reporting. The Finance Working Group shall be responsible for:
(a) coordinating and conducting the accounting, reporting, reconciliation and other related activities assigned to it as set forth in this Agreement and the Financial Exhibit,
(b) advising and providing support to the JSC and the other committees with respect to financial, accounting, budgeting, reporting and other issues that may arise in connection with the various plans and corresponding budgets for activities thereunder;
(c) reviewing Development Costs, including relevant FTE Costs, Out-of-Pocket Costs and Supply Costs, incurred by the Parties and their Affiliates hereunder;
(d) recommending for approval by the JSC any changes to reporting procedures;
(e) coordinating and performing the budgeting, consolidation, completion and review of Pre-Tax Profit or Loss in accordance with the Reconciliation Procedures and the Financial Exhibit,
(f) performing and reviewing calculations for the reconciliation of payments, and controlling and performing such other accounting functions as provided in the Financial Exhibit;
(g) coordinating audits pursuant to Section 7.4 by Third Party audit firms, and discussing and attempting to resolve discrepancies or issues arising from such audits;
(h) performing such other functions as are specifically designated to the Finance Working Group in this Agreement or the Financial Exhibit, or as the Parties otherwise agree are appropriate to further the purposes of this Agreement;
(i) working with the JSC and the committees to assist in financial, budgeting and planning matters, and providing periodic updates to the JSC, JDC and JCC on financial matters relating to this Agreement, and perform such other financial matters as are delegated to it under this Agreement or by the JSC, JDC and JCC; and
Finance Working Group. Following the Effective Date, the CGB shall establish a finance working group, consisting of an equal number of representatives from each Party, including such Party’s Finance Officer. Such working group shall act as a forum for the discussion and exchange of information between the Parties relating to Development Expenses, Development Budgets, Commercialization Expenses and Commercialization Budgets, Manufacturing Expenses, and Operating Profits (or Losses). The finance working group shall meet with such frequency as it determines appropriate depending on the level of activity under this Agreement, and shall have no decision-making authority unless expressly delegated such authority by the CGB.
Finance Working Group. Within 30 days after the Effective Date, Legend and Xxxxxxx shall establish a joint Finance Working Group (the “Finance Working Group”), which shall report to the JDC with respect to financial matters relating to the Development of the Products in the Field, to the JMC with respect to the CMC Development or Manufacturing of the Products in the Field and to the USCC, GCCC or JSC, as applicable, with respect to financial matters relating to the Commercialization of the Products in the Field. The Finance Working Group shall (i) coordinate and conduct the budgeting, accounting, reporting, reconciliation and other financial activities set forth in this Agreement to the extent provided in this Agreement and (ii) perform the other functions that are expressly delegated to the Finance Working Group in this Agreement. The Finance Working Group shall include individuals from each Party with reasonable expertise in the areas of accounting, cost allocation, budgeting and financial reporting.
Finance Working Group. At such time as the JSC deems appropriate, Theravance and Xxxxxxx shall establish a joint Finance Working Group (the "Finance Working Group"), which shall report to the JSC. The Finance Working Group shall (a) coordinate and conduct the budgeting, accounting, reporting, reconciliation and other financial activities set forth in this Agreement and (b) perform the other functions that are expressly delegated to the Finance Working Group in this Agreement. The Finance Working Group shall include individuals from each Party with reasonable expertise in the areas of accounting, cost allocation, budgeting and financial reporting. Without limiting the foregoing, the Finance Committee will provide a forum for the Parties to develop the budgets for the Development and Manufacturing activities hereunder with respect to the Products, including for the Collaboration Plans and all Allowed Expenses, and to track the Parties' progress against such budgets. The Finance Working Group shall establish reasonable procedures for the Parties to share estimates prior to the end of such Calendar Quarter to enable each Party to meet its quarterly requirements.
Finance Working Group. With respect to the financial reporting activities between the Parties, the JSC (or the Parties if the JSC does not exist) will establish a finance working group (the “Finance Working Group”) to coordinate the activities and reporting by the Parties as set forth in Section 9.3.1 (Joint Development Costs) through Section 9.3.3 (Profit-Sharing Following Commercialization) and Section 9.11.2 (Reports and Royalty Payments) and to assist the JSC in its responsibilities with respect to the review and resolution of financial matters. In particular, the Finance Working Group will:
(a) facilitate the creation of each Joint Development Budget, Long Term Joint Development Budget, Joint Medical Affairs Budget, Long Term Joint Medical Affairs Budget, Joint Commercialization Budget, Long Term Joint Commercialization Budget and Manufacturing Budget;
(b) reconcile financial and accounting matters between the Parties;
(c) initiate and execute an effective and efficient revenue and cost-sharing process (cross-charges);
(d) review and recommend for the Parties’ consideration modifications to the FTE Rate used to calculate Joint Development Costs, Joint Medical Affairs Costs or Joint Commercialization Costs;
(e) discuss, prepare and determine whether to approve for submission to the JSC for approval a FTE time tracking approach to be following by each Party;
(f) cooperate to ensure that all budgets referenced in Section 9.4(a) (Finance Working Group) agreed to for a Calendar Year (or any other given period) can be interpreted for the purposes of both Parties’ internal financial and audit reporting requirements, including each Party’s fiscal year reporting;
(g) implement a series of reporting requirements for actual and forecasted financial information, available at times to be agreed by the Parties through the Finance Working Group, consistent with the need to report the results of the OP&L Share;
Finance Working Group. With respect to the financial reporting activities between the Parties, the JDC will establish a finance working group (the “Finance Working Group”) to provide support for review and discussion by the JDC of Budgets pursuant to Section 7.1.2 and by the JMC pursuant to Section 7.3.3 and coordinate the activities and reporting by the Parties as set forth in Section 8.5 through Section 8.7 and to assist the JCC in its responsibilities with respect to the review and resolution of financial matters. In particular, the Finance Working Group will:
8.8.1 facilitate the creation of each Budget pursuant to the Development Plan and the Commercialization Plans;
8.8.2 reconcile financial and accounting matters between the Parties;
8.8.3 initiate and execute an effective and efficient revenue and cost-sharing process (cross-charges);
8.8.4 review and recommend for the Parties’ consideration modifications to the FTE Rate and tracking of FTE Costs;
8.8.5 cooperate to ensure that all Budgets for a [****] (or any other given period) can be interpreted for the purposes of both Parties’ internal financial and audit reporting requirements, including each Party’s fiscal year reporting;
8.8.6 implement a series of reporting requirements for actual and forecasted financial information, available at times to be agreed by the Parties through the Finance Working Group;
8.8.7 monitor the Budget, expense and revenue reporting requirements between the Parties related to Licensed Products to ensure that each Party is able to comply with its respective internal financial and audit reporting requirements and, as appropriate, recommending to the JCC, JDC or JMC, as applicable, for approval, changes to the reporting requirements under this Agreement; and
8.8.8 undertake such other tasks as may be necessary or desirable with respect to the calculation, implementation and reporting for United States Profit and Loss Share.
Finance Working Group. Within [***] calendar days after the Effective Date, each Party shall appoint two senior finance representatives who shall together form a joint working group (the “Finance Working Group”), which shall report to the JSC. The Finance Working Group shall include individuals from each Party with expertise in the areas of accounting, cost allocation, budgeting and financial reporting. The Finance Working Group shall be responsible for: (i) coordinating and conducting the accounting, reporting, reconciliation and other related activities set forth in this Agreement, (ii) advising and providing support to the JSC, and the other committees if applicable, with respect to financial, accounting, budgeting, reporting and other issues that may arise in connection with the various plans and corresponding budgets for activities hereunder, (iii) reviewing relevant FTE costs and External Costs incurred by the Parties and their Affiliates hereunder, (iv) recommending for approval by the JSC any changes to reporting procedures, (v) coordinating or performing the budgeting, consolidation, completion and review of the Pre-Tax Profit (Loss) Share in accordance with the reconciliation procedures set forth in Section 7.7 and as set forth in the Definitions of Pre-Tax Profit (Loss)
Finance Working Group. Following the Effective Date, the JSC shall establish a Finance Working Group, consisting of representatives from each Party, including such Party’s Finance Officer. The Finance Working Group shall act as a forum for the discussion and exchange of information between the Parties relating to Development Costs, the Development Budget, Allowable Expenses and the Commercial Budget, Manufacturing Costs, Net Profits and Net Losses. The Finance Working Group shall meet with such frequency as it determines appropriate depending on the level of activity under this Agreement, and shall have no decision-making authority unless expressly delegated such authority by the JSC.
Finance Working Group. Within [***] [***] after the Effective Date, Alector and GSK shall establish a joint Finance Working Group (the “Finance Working Group”), which shall report to the JDC with respect to the Development of the Licensed Products, to the JCC with respect to the Commercialization of the Licensed Products and to the JSC with respect to the Pre-Tax Profit or Loss and royalty statements in accordance with the Reconciliation Procedures and the Financial Exhibit, and operate in coordination with the various committees and Working Groups. The Finance Working Group shall include individuals from each Party with reasonable expertise in the areas of accounting, cost allocation, budgeting and financial reporting. The Finance Working Group shall be responsible for:
Finance Working Group
