Docstoc Legal Agreements
This Option to License Agreement provides an individual or company a time-limited right to
obtain a full license agreement by exercising the option. These agreements are typically
used in situations where the individual or company needs to conduct further research and
development to evaluate the technology prior to entering into a full license agreement.
During the option period, the individual or company has an exclusive opportunity to
understand the technology and its market potential. At any time during the option period, a
formal license can be signed. This document is useful to an individual or company located
in Colorado that is interested in acquiring intellectual property rights, but needs additional
time to conduct research.
DISCLAIMERS: ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR
OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND COMPLETENESS. They are for general guidance and should be modified by you o r your
attorney to meet your specific needs and the laws of your state. Use at your own risk. Docstoc, its employees or contractors who wrote or modified any
form, are NOT providing legal or any other kind of advice and are not creating or entering into an Attorney -Client relationship. The information and forms
are not a substitute for the advice of your own attorney. Use of this document and our service are deemed to be your acknowledgement and agreement to
the following: The disclaimers and links on this page and the back page(s); our Terms of Service (http://www.docstoc.com/popterm.aspx?page_id=15), and
read more here (http://www.docstoc.com/popterm.aspx?page_id=114) for additional disclaimers and more. You also agree that if you are not the person
using the document and services that you will provide such person(s) who will be with these front and back disclaimer pages. This document is not
approved, endorsed by, or affiliated with any State, or governmental or licensing entity.
Entire document copyright © Docstoc®, Inc., 2010 - 2013. All Rights Reserved
OPTION TO LICENSE AGREEMENT
THIS OPTION TO LICENSE AGREEMENT (hereinafter “Agreement”) is made and
entered into between _________________________ [Instruction: Insert the name of
company], a company organized under _______________ [Instruction: Insert the state] laws
(hereinafter “Grantor”) having its principal office at,
______________________________________________ [Instruction: Insert the address of
company] and __________________________ [Instruction: Insert the name of company] a
company organized under the laws of __________________ [Instruction: insert the state]
(hereinafter “Grantee”), having its principal office at
__________________________________________ [Instruction: Insert the address of
Patent and Technology Rights means the intellectual property described in Exhibit A.
2. Grant of Option: Grantor hereby grants Grantee an exclusive option to acquire an exclusive,
worldwide license to practice Patent Rights and Technology Rights under terms set forth in
the License Agreement attached as Exhibit B.
3. Exercise of the Option: Grantee may exercise its option at any time during the option period
by notifying Grantor in writing of its intent to exercise this option.
4. Confidential Information:
a) Upon the execution of this Agreement, Grantor will disclose all relevant Confidential
Information as defined in Section 4 (b)) below, other information, and data relating to
Patent and Technology Rights, to enable Grantee to evaluate the possible commercial
significance of the Patent Rights and Technology Rights.
b) In addition to the initial disclosure described in Section 4 (a), the parties may disclose
other Confidential Information to each other, from time to time, in connection with work
contemplated under this Agreement. All such information whether disclosed initially or
during the option period will be referred to as “Confidential Information.” Each party will
use reasonable efforts to prevent the disclosure of any of the other party's Confidential
Information to third parties during the term and after the termination of this Agreement,
provided that the recipient party's obligation will not apply to information that:
i. is not disclosed in writing or reduced to writing and so marked with an appropriate
confidentiality legend within ______ (__) [◊ thirty (30)] days of disclosure;
ii. is already