Docstoc Legal Agreements
This Option to License Agreement provides an individual or company a time-limited right to
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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 Illinois 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 ______