Common use of Patent Term Extensions in the Territory Clause in Contracts

Patent Term Extensions in the Territory. (a) The Parties will discuss and approve for which, if any, of the Patents under this Agreement the Parties should seek Patent Term Extensions in the Territory. If the Parties are unable to reach agreement for which, if any, of such Patents the Parties should seek Patent Term Extension, the final decision shall rest with the Party who first receives Regulatory Approval for the Licensed Product or Option Product, as applicable, with respect to which the Patent Term applies for such Party’s territory. The Party with final decision-making authority shall act with reasonable promptness in light of the stage of the Products to apply for any such Patent Term Extensions, in accordance with such decision. The Party that does not apply for an extension hereunder will cooperate fully with the other Party in making such filings or actions, including making available all required Regulatory Materials (including underlying data) and Information and executing any required authorizations to apply for such Patent Term Extension. All expenses incurred in connection with activities of each Party with respect to the Patent(s) for which such Party seeks Patent Term Extensions pursuant to this 12.4 shall be entirely borne by the Party applying for such Patent Term Extension.