Common use of Option Period Clause in Contracts

Option Period. 15.1 The Option Period shall be up to eighteen (18) months from the filing date of the Application in any jurisdiction of any Invention conceived as a result of the Entrusted Research, and shall be determined in an option agreement in writing between the Parties. 15.2 If the Partner wishes to extend the Option Period during the first Option Period, the Partner shall request an extension from the University, and upon obtaining the University’s consent, may extend the Option Period in writing. 15.3 If the Partner intends to use and profit from the Intellectual Property Rights related to any Invention conceived as a result of the Entrusted Research during the Option Period, the Partner shall consult with the University in advance.

Option Period. 15.1 16.1 The Option Period shall be up to eighteen (18) months from the filing date of the Application in any jurisdiction of any Invention conceived as a result of the Entrusted Collaborative Research, and shall be determined in an option a joint application agreement or other agreement in writing between the Parties. 15.2 16.2 If the Partner wishes to extend the Option Period during the first Option Period, the Partner shall request an extension from the University, and upon obtaining the University’s consent, may extend the Option Period in writing. 15.3 16.3 If the Partner intends to use and profit from the Intellectual Property Rights related to any Invention conceived as a result of the Entrusted Collaborative Research during the Option Period, the Partner shall consult with the University in advance.