Docstoc Legal Agreements
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signed written instrument and delivered to the agent. This should be utilized by a principal
located in Mississippi to revoke a power of attorney.
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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 in the recipient party's possession at the time of disclosure thereof and
not obtained directly or indirectly from the other, as proven by the receiving
party’s written records;
iii. is or later becomes published through no fault of the reci