What is an Exclusive, Non-Exclusive, Option Agreement License?
Option Agreements are used so that companies can be exposed to a technology and consider whether or not securing a license makes sense. They are limited in time in order for feasibility to be investigated, and an option does not grant commercial rights. An option can be either exclusive, where for a given limited timeframe no other options will be granted to evaluate a piece of intellectual property, or can be nonexclusive where other options may also be granted from the university. The outcome of a license is a go/no-go decision by the company to license the technology.
