More Conservative Approach definition
More Conservative Approach means, in the event of a dispute between the Parties on how to address or resolve a certain issue arising under the Co-Development and Commercialization Agreement (including without limitation any Policy Disputes), the approach or position offered by a Party with respect to the resolution of such issue, which approach or position, in the aggregate, is reasonably likely to expose the Parties or the Collaboration Products to the smallest amount of legal, regulatory and/or compliance risk, whether or not such opinion of a Party is set forth in such Party’s then-current internal policies regarding the same, provided that such approach is not Unreasonably Conservative.
More Conservative Approach means the approach or position described in the written proposal provided by a Party’s Senior Executive to the Designated Executives with respect to the resolution of a Committee Deadlock regarding a Material Safety or Commercialization Concern, which approach or position, in the aggregate, [***].
Examples of More Conservative Approach in a sentence
If the Policy Officers cannot agree on which approach or position offered by the Parties is the More Conservative Approach with respect to a particular issue or whether the More Conservative Approach is Unreasonably Conservative, then either Party may, by written notice to the other Party (a “Notice of Referral”), refer the Policy Dispute to a Designated Expert for resolution in accordance with Section 15.3.2.
This process shall continue until the Designated Expert selects a proposed resolution that represents the More Conservative Approach.