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Pennsylvania Option to License Agreement

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Pennsylvania Option to License Agreement Powered By Docstoc
					                                                                      Option to License
                                                                      Agreement
ocstoc Legal Agreements




                                  This Option to License Agreement is intended to be used by an
                                  Individual/Company (Grantor) to grant an option to acquire an
                                  exclusive, worldwide license to practice Patent Rights and
                                  Technology Rights, to the other Individual/Company (Grantee)
                                  subject to non-disclosure of Confidential Information and in
                                  consideration of payment by the Grantee to the Grantor.




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                           WARRANTY, INCLUDING AS TO LEGAL EFFECT OR COMPLETENESS. They are for guidance and should be
            ®




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                          © Copyright 2011© Docstoc, Inc., 2010, 2011document proprietary, copy not                             1
                                                                                            Attorney Drafted
                            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

				
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Description: This Option to License Agreement is intended to be used by an Individual/Company (Grantor) to grant an option to acquire an exclusive, worldwide license to practice Patent Rights and Technology Rights, to the other Individual/Company (Grantee) subject to non-disclosure of Confidential Information and in consideration of payment by the Grantee to the Grantor.
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