Common use of Termination of JAC Clause in Contracts

Termination of JAC. At the end of the Xxxxxxx Option Period for the Licensed Product, the JAC shall dissolve and the Party continuing Development or Commercialization shall keep the other Party informed of the progress of further Development and Commercialization through quarterly teleconferences and with an annual meeting and written report summarizing Development and Commercialization activities of the prior year. Such meeting may be conducted by videoconference, teleconference or in person, as agreed by the Parties. The Party continuing Development or Commercialization shall provide the other Party with (a) sales forecasts for the U.S. and European Major Markets, and (b) planned launch dates. The contact person for the Party continuing Development or Commercialization shall at least be such Party’s team leader for the Development or Commercialization of Licensed Product. Each Party is responsible for their travel costs and expenses associated with attending meetings.