OPTION TO ABANDON SELECTED TARGET Clause Samples

OPTION TO ABANDON SELECTED TARGET. The Parties may mutually elect to abandon a Selected Target ("Abandoned Target"). In addition, either Party may independently elect to abandon a Selected Target provided that the abandoning Party notify the other Party of its decision to abandon a Selected Target in writing with sixty (60) days prior notice. Prior to any such abandonment of a Selected Target, the CMT shall discuss such Selected Target, and if only one Party desires to abandon a Selected Target, such Party shall in good faith provide the other Party a reasonably detailed explanation of the reasons(s) for the abandonment of the Selected Target. Upon the Parties' mutual election, or at the close of this sixty (60) day period, Abandoned Targets will be removed from the Research Program and the Selected Target List and shall cease to be Selected Targets.