|16. || |
Termination. This Agreement may be terminated by either Party at any time upon the giving of [****] prior written notice to the other Party. In addition, this Agreement may be terminated by either Party in the event that the other Party is in material breach of its obligations under this Agreement and fails to remedy such breach within [****] after receipt of written notice thereof. Upon the giving of notice of termination by either Party, University shall exert its reasonable efforts to limit or to terminate any outstanding financial commitments. Sponsor shall reimburse University for all allowable costs incurred by it for the research project, including without limitation all uncancellable obligations. University shall prepare, within [****] after the termination date, a report of all expenditures incurred and of all funds received hereunder and shall reimburse Sponsor for funds which may have been advanced in excess of total costs incurred. Termination of this Agreement will not affect the rights and obligations of the Parties that accrued prior to termination. The following Sections survive the termination and expiration of this Agreement: Sections 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17 and 18.