Connecticut Option Agreement for Purchase of Patent Rights
Description
How to fill out Option Agreement For Purchase Of Patent Rights?
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FAQ
Option agreements are unenforceable unless consideration is given for the option. The Supreme Court affirmed that if the purchase agreement is really an option agreement then, like all option agreements, it will not be enforceable unless the optionee gave consideration for the option right.
Optioned Patents means (a) the Patents set forth on Exhibit C, as may be amended or supplemented in writing by the Parties from time to time in accordance with this Agreement, (b) any substitutions, divisionals, continuations, continuations-in-part (only to the extent of claims that are entitled to the priority date of
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Option to License means the right granted to Sponsor to negotiate and secure a license to one or more Inventions developed under this Agreement along with any Wistar Background Technology, as provided under Section 5.2.
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Simply put, an option contract creates a binding obligation to enter into another contract, if the option holder so chooses during the option period. For a simple example, suppose you want to buy a classic old automobile, and you find one offered for the price of $5,000.
You will not make any money on your invention. Yes, a patent can help you to sell your product at a higher price. However, it does not guarantee to do so. Patents themselves don't make you any money.
Options An option agreement gives the industry partner opportunity to evaluate the technology and its value prior to finalizing the decision to license it and pay the licensing fee. It should be noted that if you sign an option agreement you do not gain the rights to commercialize the technology.