An agreement granting a prospective licensee a right to evaluate patented technology for a limited time and an option to enter into a license agreement for the technology. This Standard Document is drafted in the prospective licensee's favor but aims to be reasonable and includes provisions common to negotiated evaluation and option agreements. Each evaluation and option agreement must be tailored to suit the particular circumstances of the transaction. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.