Field Option Clause Samples
The Field Option clause grants a party the right to select or designate a specific area or location, often within a larger property or project site, for a particular use or activity. In practice, this clause may allow a tenant to choose which part of a leased property they will occupy, or enable a contractor to select a worksite within a designated boundary. By clearly defining the process and criteria for making such selections, the clause helps prevent disputes over site allocation and ensures that both parties understand their rights and obligations regarding the use of the field or area in question.
Field Option. (i) During the Option Term, if Alnylam intends to grant to any Third Party (other than Listed Counterparties or Pre-Existing Alliance Parties, subject to the terms of the applicable Listed Alnylam Third Party Agreements or Pre-Existing Alliance Agreements, as the case may be) an exclusive license to any Additional Field(s) which is not included in the then-current Field, Alnylam shall notify Licensee thereof (“Field Extension Opportunity”). Licensee shall have the right to extend the licenses granted under Section 2.1(a) to include the Additional Field(s) covered by such Field Extension Opportunity by notifying Alnylam in writing of such intent within sixty (60) days after Alnylam’s notice and paying the Field Option Fee for each such Additional Field pursuant to Section 5.6. For the avoidance of doubt, Alnylam and Alnylam Europe AG shall have the right to grant to any Third Party any exclusive licenses under Alnylam’s or Alnylam Europe AG’s rights, as the case may be, in any Licensed Intellectual Property in any Additional Field to which Licensee has not extended its licenses granted under Section 2.1(a) pursuant to Licensee’s exercise of the Field Option under this Section 2.5(b).
(ii) From time to time during the Option Term, Licensee shall have the right, upon written notice to Alnylam, to request the extension of the license granted under Section 2.1(a) to include one or more Additional Field(s) (“Field Option”) in which Licensee has a good faith intention to seek to Discover, Develop, Commercialize and Manufacture RNAi Compounds or RNAi Products, which right shall be subject to any agreement which Alnylam may have entered into with a Third Party with respect to such Additional Field(s) following Licensee’s rejection of, or failure to pay the Field Option Fee for, any Field Extension Opportunity pursuant to clause (i) above. Upon Licensee’s payment of the Field Option Fee for each such Additional Field pursuant to Section 5.6, the licenses granted to Licensee under Section 2.1(a) shall include such Additional Field(s).
Field Option. During the term of this Agreement, Alnylam or its Affiliates may not grant any Third Party any exclusive license or right under Alnylam Intellectual Property to any Field or Additional Field. From time to time during the term of this Agreement, Takeda shall have the right, upon written notice to Alnylam, to request the extension of the license granted under Section 3.1(a) to include one or more Additional Field(s) (“Field Option”) in which Takeda has a good faith intention to seek to Develop, Commercialize and Manufacture RNAi Compounds or RNAi Products, which right shall be subject to any agreement which Alnylam may have entered into with a Third Party with respect to such Additional Field(s). Upon Takeda’s payment of the Field Option Fee for each such Additional Field pursuant to Section 7.4, the Field shall include such Additional Field(s).