An option agreement where a landowner grants a developer a call option to buy land and the developer grants the landowner a put option over all or part of the land in the event that the developer does not exercise the call option. If the call option is exercised, the purchase price is calculated as a percentage of the property's market value with the benefit of the planning permission that is obtained by the developer. If the put option is exercised, the sale price is an agreed fixed amount.

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

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