Harvard also offers option agreements for companies considering licensing a Harvard technology. An option agreement allows a company to „retain“ a technology for a short period of time, during which time the company can continue to assess its potential or raise funds for product development without binding on the obligations of a licensing agreement or Harvard. Options typically have a term of six months to one year and typically require both a pre-fee and a refund of the patent application for the duration of the option. An intellectual property license agreement provides the parties with an enforceable and binding agreement to ensure that all parties are aware of their rights and obligations with each other and, most importantly, to protect both parties in the event of infringement or non-compliance. An IP license in its simplest form is an agreement where by which an IP holder (the licensor) allows another person (the licensee) to carry out activities that, without the IP license agreement, would violate the licensor`s legal rights related to the IP. It is a written agreement that gives the right to do something that would otherwise constitute a violation of another person`s IP rights. All parties should therefore know exactly what was allowed to whom and under what conditions. IP licensing agreements are not always obvious. Many general agreements between companies can include IP licenses, for example. B: Harvard provides certain materials (usually biological research materials) for non-exclusive commercial use….