Common use of Legal and Administrative Obligations Clause in Contracts

Legal and Administrative Obligations. In conducting its obligations under this Agreement, each Party shall observe any and all applicable laws and regulations of the Territory, with respect to the development, manufacture, warehousing, promotion, distribution and sale of [ ]*, and undertakes to make and fulfill any and all formalities in connection with all such activities which may be required under applicable laws and regulations of the Territory. In conducting its obligations under this Agreement, each party further agrees to comply in all means with the current applicable Good Clinical Practices, Good Manufacturing Practices and Good Distribution Practices and apply a high standard of ethics. In particular, each Party undertakes to comply with the principles set forth in the OECD (Organization for Economic Co-operation and Development) Convention on Combating Bribery of Foreign Public Officials in International Business Transactions while performing its activities within the scope of this Agreement.