New Product Development and Distribution Sample Clauses

New Product Development and Distribution. If the Seller selects the Buyer Insurer to proceed in the development of the New Product, (A) the Seller shall work exclusively with the Buyer Insurer to develop the New Product for a period of time of up to twelve (12) months and (B) the Seller shall provide the Buyer Insurer with an exclusivity period of up to twelve (12) months for the introduction and initial distribution of the New Product in the M▇▇▇▇▇▇ L▇▇▇▇ Global Private Client Network, after which the Seller may commence distribution of products of Third Party Insurers in the M▇▇▇▇▇▇ L▇▇▇▇ Global Private Client Network; provided, that the initial exclusive distribution period described in (B) above shall not apply to Third Party Insurers’ products that are distributed in the M▇▇▇▇▇▇ L▇▇▇▇ Global Private Client Network at the time when the proposal was initially submitted to the Product and Sales Committee; and provided further that, while continuing to take into account the cooperative and mutually supportive relationship being fostered between the parties by this Agreement, if the Seller concludes in the exercise of its reasonable judgment that issues have arisen that render it impracticable to continue development of the New Product with the Buyer Insurer (and such issues have not been resolved by the Buyer Insurer), then the Seller may terminate such exclusive development period described in (A) above. If, after taking into consideration the overall purpose of this Agreement, the Seller determines it is impracticable to continue, the Seller will inform the Buyer Insurer of such determination and provide the Buyer Insurer with a reasonable opportunity to resolve any issues.