Option to Negotiate Additional Development Sample Clauses

Option to Negotiate Additional Development. At any time after the commencement of the Development Period and prior to a lapse of thirty (30) days after Nanosys provides its Final Report under Section 2.7 (the "Election Period"), MEW may provide Nanosys with written notice (the "Exercise Notice"), stating that MEW desires to negotiate the terms and conditions under which the parties would continue the development of OPVs for use in Building Materials ("Phase II") and would commercialize such OPVs and Building Materials in Asia, including Nanosys supplying certain components thereof ("Phase III") (collectively, the Phase II/III Projects"). Promptly after Nanosys' receipt of the Exercise Notice as set forth above, the parties shall meet to negotiate in good faith the terms and conditions of the Phase II and/or Phase III Projects for a period of [*** Redacted] (the "Negotiation Period"). The Negotiation Period shall be extended to the extent mutually agreed between the parties. Such terms and conditions may include: (i) Nanosys having a nonexclusive, worldwide license under subject matter developed by MEW relating to Nanotechnology under mutually agreeable terms and conditions, and (ii) other customary and reasonable terms and conditions standard for development, supply and commercialization arrangements of the type contemplated above. If the parties have not mutually agreed on the terms and conditions for the Phase II/III Projects for any reason by the expiration of the Negotiation Period, neither party shall have any further obligation to the other party under this Section 3.2 thereafter. It is understood that Phase II/III Projects may include additional Asian countries as mutually agreed between the parties.
Sample 1
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Related to Option to Negotiate Additional Development

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