Maine 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 Maine 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 ______ (__) [◊ thirty (30)] days of disclosure;

        ii.   is already i
				
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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 Maine that is interested in acquiring intellectual property rights, but needs additional time to conduct research.
This document is also part of a package Essential Maine Legal Documents 143 Documents Included