A non-exclusive license grants the licensee a license to use the IP, but the licensor is free to use the IP and assign licenses to anyone. As a result, many parties may simultaneously hold licenses for the same IP. Several different types of intellectual property may be covered under this agreement: a license agreement is an advantageous legal document between two parties – the licensor or the person holding the intellectual property (IP) and the licensee or person who obtains a license to use the IP. The licensor may own a copyright, trademark, patent, service mark, trade secret, know-how or other IP. Harvard also offers option agreements for companies considering licensing a Harvard technology. An option agreement allows a company to “retain” a technology for a short period of time, during which time the company can continue to assess its potential or raise funds for product development without binding on the obligations of a licensing agreement or Harvard. . . .