Common Contracts
1 similar Option Agreement contracts
ContractOption Agreement • December 2nd, 2019
OPTION AGREEMENT This Option Agreement (“AGREEMENT”) between:KING FAHD UNIVERSITY OF PETROLEUM & MINERALS (hereinafter“KFUPM”) having its postal address at P.O. Box 5001, Dhahran, 31261, Kingdom of Saudi Arabia; represented by Vice Rector for Applied Research. AndXXXXXX, (hereinafter “OPTION HOLDER”) registered in the Commercial Register under number XXXX, having its postal address at XXXXX, represented by XXXXX in his capacity as XXXXX. RECITALSWHEREAS, KFUPM is the owner of certain PATENTS and KNOW-HOW (as later defined herein)WHEREAS, OPTION HOLDER desires a period of time in which to internally evaluate the PATENTS and KNOW-HOW, potential products and markets therefor, and in which to elect to negotiate a license. WHEREAS, OPTION HOLDER represents that it has the facilities, personnel and expertise to conduct the evaluation and that it will expend reasonable efforts and resources on said evaluation; and WHEREAS, OPTION HOLDER's evaluation will involve expenditure of resources, wh
