Common use of NEW PRODUCT DEVELOPED BY SELLER Clause in Contracts

NEW PRODUCT DEVELOPED BY SELLER. 17. 18 If Seller develops a New Product, Seller shall notify Buyer in writing at least thirty (30) days prior to the time of the initial public announcement of such New Product, unless other terms are mutually agreed upon, in advance and in writing, by the parties. At the time of such written notice, Seller shall also provide to Buyer the available specifications, description, and technical data necessary to evaluate the New Product. Further, Seller shall notify Buyer when a working model of the New Product is available for an engineering evaluation. Buyer reserves the right to replace an existing Product with the New Product for all future Releases at the time the New Product is offered commercially and at a price which is mutually agreeable.