Option Agreement to Purchase Patent Rights
Give another party an option to purchase your rights in a patent with this template Option Agreement form.
- The purpose of this agreement to give a licensee (such as a manufacturer) who already has a license to use the patent a means of acquiring ownership rights to the patented invention.
- The inventor grants the optionee an exclusive option to purchase all of the inventor's worldwide right, title and interest in and to the patent and the invention.
- The optionee will pay a non-refundable one-time option fee in consideration for the grant of the option. The fee is payable whether or not the optionee decides to exercise the option.
- The inventor will maintain the patent in good standing at its own expense until such time as the optionee decides to purchase the rights.
- This Option Agreement governs purchase rights of patents registered in many countries worldwide. It does not refer to the specific laws of any country.
- The template is downloadable and easy to use. Available in MS Word format.