Minimum Development Requirements Sample Clauses
The Minimum Development Requirements clause sets out the baseline standards or obligations that a party must meet when developing a property, product, or project. Typically, this clause details specific milestones, quality benchmarks, or timelines that must be achieved, such as completing construction to a certain stage by a set date or adhering to regulatory codes. Its core practical function is to ensure that the development meets agreed-upon expectations, thereby reducing the risk of substandard work or project delays.
Minimum Development Requirements. Subject to the terms and conditions including the terms of this Article IV below, during the Term, PTI shall diligently develop and Commercialize Licensed Products in accordance with the following minimum development diligence requirements set forth in this Section 4.1 (“Development Diligence Requirements”). Commencing in calendar year 2003 and for each period thereafter during the Term, PTI shall have the minimum required number of [* * *] Licensed Products which are either under development or being Commercialized under this Agreement on the first day of each such period as set forth in the table below: MINIMUM REQUIRED NUMBER OF LICENSED PRODUCTS Minimum number of [* * *] Licensed Products under development or being Commercialized [* * *] [* * *] [* * *] [* * *]
Minimum Development Requirements. Subject to the terms and conditions including the terms of this Article IV below, during the Term, PTI shall diligently develop and Commercialize Licensed Products in accordance with the following minimum development diligence requirements set forth in this Section 4.1 (“Development Diligence Requirements”). Commencing in calendar year 2003 and for each period thereafter during the Term, PTI shall have the minimum required number of [* * *] Licensed Products which are either under development or being Commercialized under this Agreement on the first day of each such period as set forth in the table below: MINIMUM REQUIRED NUMBER OF LICENSED PRODUCTS Minimum number of [* * *] Licensed Products under development or being Commercialized [* * *] [* * *] [* * *] [* * *] 4.2 Consequences. If the above Development Diligence Requirements are not met by PTI in any period during the Term, then DURECT shall have the right, upon [* * *] days’ written notice to PTI, to [* * *], provided that PTI does not cure such failure by giving notice within such [* * *] day period to DURECT of adding additional Licensed Product(s) for development hereunder sufficient to meet such Development Diligence Requirements, and further provided, however, notwithstanding the foregoing, PTI shall retain an exclusive license under Section 8.1 with respect to any Licensed Product that PTI has under development and continues to diligently develop and Commercialize under this Agreement. For purposes of this Agreement, each Licensed Product including [* * *] shall be deemed a “different” Licensed Product.
Minimum Development Requirements. The Project shall include every Minimum Development Requirement specified by Appendix 3, including every Anchor Project and Minimum Infrastructure Project.