New Technology Product means a product that, as compared to existing products, offers significant technological advancements and: (i) will significantly improve clinical outcomes or patient care; or (ii) will significantly streamline clinical and/or operational work processes.
New Technology Product shall be defined as a product that, as compared to existing Products and as demonstrated in independent, peer-reviewed publication(s): (i) offers significant technological advancements; (ii) will significantly improve clinical outcomes or patient care; or (iii) will significantly streamline work processes. Vendor shall provide Facilities with an opportunity to purchase, at price points comparable to those applicable to Products under this Agreement, New Technology Products offered by Vendor and not referenced in Exhibit A. Vendor shall notify Division of any New Technology Product at least thirty (30) days prior to such New Technology Product being made available for purchase through commercial/public release, but subsequent to FDA approval (if applicable). Before offering any new product in the product category, including a New Technology Product, to Facilities for purchase, Vendor shall: (i) complete any product documentation requested by Division; (ii) meet with Division to provide required product information to Division and its clinical committees; (iii) agree with Division upon a price for such product; and (iv) amend Exhibit A to add such product at the agreed upon price. If Vendor offers any new product, including a New Technology Product, to Facilities for purchase prior to completing (i) — (iv) above, Vendor agrees that Facilities will pay the price specified on Exhibit A for the most comparable Product on this Agreement. Division shall offer Vendor equal consideration and review for potential supply commitments for New Technology Products. If Division enters into any national or group agreement for Facilities to purchase a New Technology Product from a supplier other than Vendor, neither such agreement nor the purchase of the New Technology Product (by itself) shall constitute a breach of this Agreement or failure by Division or Purchasers to meet the purchasing requirements under this Agreement or any agreement hereunder between Vendor and a Purchaser.
New Technology Product means a product that, as compared to existing products, offers significant technological advancements and: (i) will significantly improve clinical outcomes or patient care; or (ii) will significantly streamline clinical and/or operational work processes. *Portions of this exhibit have been excluded because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed.
Examples of New Technology Product in a sentence
If a New Technology Product within a Product category covered by this Agreement becomes available from any supplier including Vendor, HealthTrust may evaluate and contract with such supplier to make the New Technology Product available to Participants without constituting a breach of this Agreement.
Vendor must provide three (3) months’ notice to HealthTrust prior to offering for sale to Participants any new product (that is not a New Technology Product subject to Section 2.11.4 (New Technology Products) in the Product category covered by this Agreement.
Vendor shall also negotiate in good faith to amend Exhibit A to equitably reduce the pricing for any current Products affected by the release of the New Technology Product.