Expiry of Option. If the Option Period in respect of any Candidate Technology that is not Encumbered expires without ICIL receiving written notification that the Company wishes to exercise the Option, the Option in respect of that Candidate Technology shall lapse and ICIL shall be free to dispose of that Candidate Technology as it wishes without further obligation to the Company.
Appears in 2 contracts
Sources: Founder’s Choice Licence Agreement, Founder’s Choice Licence Agreement