IP Evaluation and Option Agreement – Pro-Licensor

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Agreement

THIS AGREEMENT is made on [insert date]

PARTIES

(1) [insert licensor name] [of OR a [company OR partnership OR limited liability partnership [incorporated OR constituted in [insert jurisdiction, eg Kuwait] whose registered number is [insert company or number] and whose [registered office OR principal place of business is at [insert address] (Licensor); and

(2) [insert licensee name] of OR a company OR partnership OR limited liability partnership] incorporated OR constituted] in [insert jurisdiction, eg Kuwait] whose registered number is [insert company or number] and whose registered office OR principal place of business] is at] [insert address] (Licensee)

(each of the Licensor and the Licensee being a party and together the Licensor and the Licensee are the parties).

BACKGROUND

A The Licensor owns the Technology IP.

B The Licensee has agreed to evaluate the Technology IP so that it can decide whether to take a licence of it according to the terms below.

THE PARTIES AGREE:

1 Definitions and interpretation

1.1 In this Agreement:

Affiliate means any entity that directly or indirectly Controls, is Controlled by, or is under common Control with, another entity;

Commencement Date means [the date of this Agreement OR [insert fixed date]];