JDP Term Extension Sample Clauses
The JDP Term Extension clause defines the conditions under which the duration of a Joint Development Project (JDP) can be extended beyond its original end date. Typically, this clause outlines the process for requesting an extension, such as requiring written notice from one or both parties and mutual agreement on the new term. It may also specify any limitations on the number or length of extensions permitted. The core function of this clause is to provide flexibility for the parties to continue their collaboration if additional time is needed to achieve project objectives, thereby preventing the project from ending prematurely due to unforeseen delays or complexities.
JDP Term Extension. In accordance with Section 11.1.1 of the JDLA, as amended pursuant to Section 2 of Amendment No. 1, the Parties hereby agree to extend the JDP Term until 12:01 am (Central Time) on April 1, 2010 (“Extended Term”). For the avoidance of doubt, the Parties hereby acknowledge and agree that this Extension shall not amend or extend the Initial JDP Term.
JDP Term Extension. In accordance with Section 11.1.1 of the JDLA, as amended and extended pursuant to the Extensions, the Parties hereby agree that the Second Extended Term (as defined in the Second Extension) shall end on the date hereof, and concurrently therewith, the JDP Term shall be extended for a new extension term commencing on the date hereof and ending on the earlier of (a) 11:59 pm (Central Time) on October 14, 2010, (b) the date of termination of that certain Asset Purchase Agreement dated as of the date hereof by and between BP and Verenium Corporation (the “Purchase Agreement”), or (c) the Closing Date (as defined in the Purchase Agreement). For the avoidance of doubt, the Parties hereby acknowledge and agree that this Third Extension shall not amend or extend the Initial JDP Term.