1. Due Diligence: Rights and process for conducting IP due diligence - include if due diligence is permitted during option period

2. Development Obligations: Include if either party has obligations to develop or improve the IP during the option period

3. Exclusivity: Include if the option holder has exclusive rights during the option period

4. Regulatory Compliance: Include for regulated industries or technologies requiring specific compliance measures

5. Sub-licensing Rights: Include if the proposed license will include rights to sub-license

6. Export Control: Include for technology that may be subject to export control regulations

7. Insurance: Include if specific insurance requirements are needed during option period

1. Schedule 1 - Intellectual Property: Detailed description of the intellectual property subject to the option

2. Schedule 2 - Option Fee and Payment Terms: Detailed payment terms and schedules for the option fee

3. Schedule 3 - Form of License Agreement: Draft or detailed terms of the license agreement to be entered into upon exercise

4. Schedule 4 - Exercise Notice: Form of notice to be used when exercising the option

5. Schedule 5 - Due Diligence Information: List of information to be provided for due diligence (if applicable)

6. Schedule 6 - Development Milestones: Details of any development work and milestones (if applicable)