The Non-Exclusive Option Agreement is a strategic legal instrument used in the Philippines when parties wish to secure potential rights or opportunities while maintaining flexibility in their business relationships. This document type is particularly valuable when the option grantor wishes to retain the ability to offer similar rights to other parties, and the option holder seeks to secure potential rights without the premium typically associated with exclusivity. The agreement must comply with Philippine contract law requirements and typically includes detailed provisions on option exercise periods, consideration, and conditions precedent. It's commonly used in various commercial contexts, from real estate developments to technology licensing, and can be structured to accommodate both straightforward and complex transaction scenarios. The non-exclusive nature makes it particularly suitable for preliminary business arrangements where parties want to maintain maximum flexibility while ensuring legal certainty.
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1. Parties: Identification of all parties to the agreement, including their full legal names, addresses, and corporate details if applicable
2. Background: Context of the agreement, including the subject matter of the option and the parties' general intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Option: Details of the option being granted, including its non-exclusive nature
5. Option Period: Duration of the option, including start and end dates
6. Option Fee: Amount payable for the option and payment terms
7. Exercise of Option: Process and requirements for exercising the option
8. Representations and Warranties: Standard representations and warranties from both parties
9. Confidentiality: Obligations regarding confidential information
10. Term and Termination: Duration of the agreement and circumstances for termination
11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction
12. Execution: Signature blocks and execution formalities
1. Due Diligence: Include when the option involves complex assets requiring investigation
2. Intellectual Property Rights: Include when the option involves IP rights
3. Competition Law Compliance: Include when there are potential anti-trust considerations
4. Tax Provisions: Include when there are specific tax implications to be addressed
5. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
6. Assignment Rights: Include when transfer rights need to be specifically addressed
7. Dispute Resolution: Include when parties want specific arbitration or mediation procedures
1. Schedule 1 - Subject Matter Description: Detailed description of the asset or right subject to the option
2. Schedule 2 - Option Exercise Notice: Template form for exercising the option
3. Schedule 3 - Payment Terms: Detailed payment schedule and mechanisms
4. Schedule 4 - Due Diligence Requirements: List of required due diligence items and procedures
5. Appendix A - Required Approvals: List of any regulatory or third-party approvals needed
6. Appendix B - Existing Encumbrances: List of any existing rights or encumbrances affecting the option
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