An option agreement for use where a landowner is granting a developer an option to buy land and the developer is intending to apply for planning permission. The purchase price is calculated as a percentage of the property's market value taking into account any increase in value due to the planning permission that is obtained (subject to an agreed minimum price).

The document is drafted from the point of view of the landowner.

The document incorporates the Standard Commercial Property Conditions (Third Edition – 2018 Revision).