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Non Exclusive Option Agreement
"I need a Non Exclusive Option Agreement to grant multiple software developers the right to license our API technology, with the option period running until March 2025 and including standard confidentiality provisions."
1. Parties: Identification and details of all contracting parties
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Grant of Option: Terms of the option, including scope and non-exclusive nature
5. Option Period: Duration of the option and any extension provisions
6. Exercise of Option: Process and requirements for exercising the option
7. Consideration: Payment terms for the option and exercise price
8. Governing Law: Specification of English and Welsh law as governing law
1. IP Rights: Required if intellectual property is involved in the option
2. Confidentiality: Provisions protecting confidential information
3. Assignment: Rights to transfer the option to third parties
4. Due Diligence: Information access and verification rights
1. Schedule 1: Subject Matter: Detailed description of what the option relates to
2. Schedule 2: Option Exercise Notice: Template form for exercising the option
3. Schedule 3: Pricing Structure: Detailed pricing arrangements if complex
4. Schedule 4: Due Diligence Requirements: List of required documentation and verification processes
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