Common use of Joint Development Committee Formation Clause in Contracts

Joint Development Committee Formation. As soon as reasonably practicable after the Option Exercise Date, and in any event not later than thirty (30) days after the Option Exercise Date, the Parties shall establish a joint development committee (the “JDC”). The JDC shall consist of three (3) representatives designated by each Party, or such other number as the Parties may from time to time mutually agree. Each Party shall appoint its initial representatives on the JDC at the time of formation, but may, from time to time, substitute one or more of its representatives, in its sole discretion, effective upon notice to the other Party of such change. Each Party shall have at least one JDC representative who is a senior employee (vice president level or above) and shall designate him/her upon designation to the JDC as its senior representative (such representative, such Party’s “Senior Representative”). All JDC representatives shall have appropriate expertise and ongoing familiarity with Development of biopharmaceutical products. Additional representatives or consultants may from time to time, by mutual consent of the Parties, be invited to attend JDC meetings, provided that such representatives and consultants are subject to written obligations that are no less stringent than the confidentiality obligations and restrictions on use set forth in Article X. Each Party shall bear its own expenses relating to attendance at JDC meetings by its representatives.