A Licence Option Agreement is commonly used when parties need a formal framework to explore licensing opportunities while maintaining legal protections. Under English and Welsh law, this agreement type provides potential licensees with a defined period to evaluate intellectual property or technology before committing to a full licence. It typically includes provisions for due diligence, confidentiality, exclusivity periods, and detailed terms for exercising the option. This document is particularly valuable in complex commercial transactions where thorough evaluation is needed before full commitment.
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Key Requirements PROMPT example:
Licence Option Agreement
"Need a Licence Option Agreement for our new AI software technology, giving the potential licensee 6 months to evaluate the technology before committing to a full licence, with an option fee of £50,000 payable on signing."
1. Parties: Identification and details of all contracting parties
2. Background: Context of the agreement and brief description of the parties' intentions
3. Definitions: Defined terms used throughout the agreement
4. Grant of Option: Terms of the option, including duration and conditions for exercise
5. Exercise of Option: Process and requirements for exercising the option
6. Option Fee: Payment terms for the option
7. Warranties and Representations: Standard warranties regarding ownership and right to grant licence
8. Confidentiality: Obligations regarding confidential information
9. Term and Termination: Duration of agreement and termination provisions
10. Governing Law and Jurisdiction: Specification of applicable law and courts
1. Due Diligence Rights: Rights to investigate IP/technology during option period - include when detailed technical evaluation is required
2. Development Obligations: Obligations regarding development during option period - include when development work continues during option period
3. Territory Restrictions: Geographical limitations on option/licence - include when rights are territory-specific
4. Competition Law Compliance: Specific provisions ensuring compliance - include when agreement might affect market competition
1. Schedule 1 - Licensed IP: Detailed description of intellectual property covered
2. Schedule 2 - Form of Licence: Template of licence agreement to be entered into upon exercise
3. Schedule 3 - Option Fee Structure: Detailed payment terms and calculations
4. Schedule 4 - Due Diligence Information: List of information to be provided during option period
5. Appendix A - Technical Specifications: Technical details of licensed technology/IP
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