Common use of Modification and Waivers Clause in Contracts

Modification and Waivers. The Agreement may be modified by a written document signed by an authorized representative of each party. In addition, Licensor may, at any time and from time to time during the Term, propose amendments or modifications to the Agreement by delivering to Licensee written notice of Licensor’s proposed amendment and modification, which notice shall identify the sections or paragraphs hereof that are being amended. If Licensee does not object to such amendment or modification by delivery to Licensor written notice of objection within thirty (30) days after Licensor delivers to Licensee notice of the proposed amendment, then such amendment or modification will be deemed accepted and agreed to by Licensee, and the Agreement shall be automatically amended to include such amendment or modification without any further action by the parties. If Licensee validly and timely objects to the proposed amendment or modification in accordance with the preceding sentence, then Licensee and Licensor will endeavor to negotiate a mutually acceptable amendment or modification in good faith. A waiver by either party of its rights hereunder shall not be binding unless contained in a writing signed by an authorized representative of the party waiving its rights. Further, the non-enforcement or waiver of any provision of the Agreement on one occasion shall not constitute a waiver of such provision on any other occasion unless expressly so agreed in writing. It is agreed that no use of trade or other regular practice or method of dealing between the parties hereto shall be used to modify, interpret, supplement, or alter in any manner the terms of the Agreement.