Common use of Termination by Stanford Clause in Contracts

Termination by Stanford. (A) Stanford may also terminate this Agreement if Forty Seven on 30 days’ written notice: (1) is in material default in the payment of amounts due hereunder or the provision on any report; (2) is not using commercially reasonable efforts in developing and commercializing Licensed Product; (3) is in material breach of any provision; or (4) provides any materially false report. (B) In the event Forty Seven misses a milestone described in Appendix A, Stanford may terminate the license for the applicable Deficient Product under this Agreement for which such milestone was missed and any Licensed Patent(s) solely covering such Deficient Product, subject to Forty Seven’s right to extend the timeline for milestones pursuant to Section 6.1. (C) Termination under this Section 15.2 will take effect 30 days after written notice by Stanford unless Forty Seven remedies the problem in that 30-day period.