Formation and Dissolution Clause Samples
The 'Formation and Dissolution' clause defines the procedures and requirements for both establishing and ending a legal entity, partnership, or agreement. It typically outlines the steps necessary to formally create the entity, such as filing documents or meeting specific conditions, and details the process for dissolving it, including notice periods, asset distribution, and settlement of obligations. This clause ensures that all parties understand how the relationship begins and ends, providing a clear framework to prevent disputes and facilitate orderly transitions.
Formation and Dissolution. The JSC shall be formed as soon as possible, but no later than […***…] following the Effective Date of this Agreement and, unless otherwise agreed by the Parties, shall dissolve at the time of initial Regulatory Approval in the U.S., or earlier should Dimension elect to discontinue the JSC following Demonstration of Clinical POC. The JSC shall be comprised of […***…] representatives from each Party. If mutually agreed by the JSC members on a case-by-case basis, the JSC may invite other non-members to participate in the discussions and meetings of the JSC, provided that such participants shall have no voting authority at the JSC. Each Party may substitute its representative from time-to-time effective only upon the consent of the other Party, not to be unreasonably withheld. The JSC shall have no permanent chairman.
Formation and Dissolution. 9 3.01. Formation and Continuation 9 3.02. Decisions; Notices; Dissolution; Amendment..................... 10 3.03. Contribution to Capital........................................ 10 3.04. Resignation.................................................... 11 3.05. Successor Partnership ......................................... 11 ARTICLE IV RIGHTS, PRIVILEGES, DUTIES, AND OBLIGATIONS .............. 13 4.01. Partners ...................................................... 13 4.02. Senior Counsel