Option Agreement to purchase patent rights, between a party that owns the patent (the Grantor) and a party that is licensed to use the patent (the Grantee). The Grantor grants the Grantee an exclusive option to purchase all of the Grantor's right, title and interest in and to the patent and the invention throughout the world. In consideration for the option, the Grantee will pay a non-refundable one-time option fee. This is a generic legal document in MS Word format, and is not specific to any country or region.