Common use of Recalls, Market Withdrawals or Corrective Actions Clause in Contracts

Recalls, Market Withdrawals or Corrective Actions. If any Regulatory Authority issues or requests a recall or takes a similar action in connection with Licensed Product, or if either Party determines that an event, incident or circumstance has occurred that may result in the need for a recall or market withdrawal, the Party notified of such recall or similar action, or the Party that desires such recall, withdrawal or similar action, shall within twenty-four (24) hours, advise the other Party thereof by telephone or facsimile. Biogen Idec, in consultation with AVEO (except in the case of a government mandated recall, when Biogen Idec may, if there is not sufficient time, act without such consultation, but shall notify AVEO as soon as possible), shall decide whether to conduct a recall or product withdrawal of Licensed Product in the Licensed Territory and the manner in which any such recall or withdrawal shall be conducted. AVEO, in consultation with Biogen Idec (except in the case of a government mandated recall, when AVEO may, if there is not sufficient time, act without such advance consultation, but shall notify Biogen Idec as soon as possible) shall decide whether to conduct a recall or product withdrawal of Licensed Product in the AVEO Territory and the manner in which any such recall or withdrawal shall be conducted. Each Party shall make available to the other Party, upon request, all pertinent records in its control that may reasonably be needed by the requesting Party in effecting a recall or withdrawal of Licensed Product.