Common use of Research Collaboration Extension Clause in Contracts

Research Collaboration Extension. The Parties may agree to extend the Research Collaboration by extending the Initial Funded Research Period. BI shall notify Vitae in writing at least ninety (90) days prior to the end of the Initial Funded Research Period (including any extensions) as to whether BI desires to continue funding Vitae FTE’s, as well as the number of FTE’s that BI intends to fund during the extended Initial Funded Research Period. Vitae shall notify BI whether Vitae agrees to BI’s proposed extension within sixty (60) days after receipt of BI’s written notification. The applicable FTE rate shall be equal to the original FTE rate of **** adjusted for inflation based on the increase in the Biomedical Research and Development Price Index (as determined by the Bureau of Economic Analysis (BEA), United States Department of Commerce), or successor index, over the applicable time period. If the Initial Funded Research Period is extended, the Research Term shall be extended by the same time period. For example, if the Parties agree to extend the Initial Funded Research Period by eighteen (18) months, then the Research Term shall likewise be extended for eighteen (18) months for all purposes under this Agreement.

Research Collaboration Extension. The Parties may agree to extend the Research Collaboration by extending the Initial Funded Research Period. BI shall notify Vitae in writing at least ninety (90) days ****prior to the end of the Initial Funded Research Period (including any extensions) as to whether BI desires to continue funding Vitae FTE’s, as well as the number of FTE’s that BI intends to fund during the extended Initial Funded Research Period. Vitae shall notify BI whether Vitae agrees to BI’s proposed extension within sixty (60) days ****after receipt of BI’s written notification. The applicable FTE rate shall be equal to the original FTE rate of **** *adjusted for inflation based on the increase in the Biomedical Research and Development Price Index (as determined by the Bureau of Economic Analysis (BEA), United States Department of Commerce), or successor index, over the applicable time period. If the Initial Funded Research Period is extended, the Research Term shall be extended by the same time period. For example, if the Parties agree to extend the Initial Funded Research Period by eighteen (18) months****, then the Research Term shall likewise be extended for eighteen (18) months ****for all purposes under this Agreement.