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 Tennessee 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 principle 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 principle 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