IP Evaluation and Option Agreement – Pro-Licensor
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]];