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Idaho Option to License Agreement

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                             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 Idaho that is interested in acquiring intellectual property rights, but needs additional time
                             to conduct research.
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                             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
 company].

1.   Definitions:

     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 ______ 
				
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Description: 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 Idaho that is interested in acquiring intellectual property rights, but needs additional time to conduct research.
This document is also part of a package Essential Idaho Legal Documents 145 Documents Included