Description

Option Agreement

Option Agreements also referred to like buy/sell agreements or put and call option agreements, provide a party with the right, but not a definite obligation to buy a property or asset. They have a wide variety of uses, including for real property, businesses or business assets and as tools for succession planning.

An Option Agreement can contain what is known as a put option, or call option, or both. These are:

1) Put Option – this is where the seller has the right to compel a buyer to buy the Property.

2) Call Option – this is where the buyer has the right to compel a seller to sell the Property.

3) Put and Call Option – this may grant both parties the right to compel the other to buy or sell the Property. Usually, these options would run consecutively – the call option first, and then the put option kicks in after the first option has expired.

This document focuses on the use of options in acquiring shares in a company.

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