Make A Free Enquiry

Option Agreement

Option Agreements can be in many forms.  For instance an Option Agreement may grant an option to:-

  1. Purchase specified shares;
  2. Acquire a business;
  3. Purchase the rights in a patent application; and/or
  4. An option to purchase or lease property.

An Option Agreement operates in a different manner to a Conditional Contract.   A Conditional Contract binds two parties to proceed in the event of the condition being met.   However, an Option Agreement is not binding on either party unless and until the option is exercised. 

Option Agreements can take many forms and can often allow a potential purchaser considerable flexibility and particularly in relation to timing.   Quite often an Option Agreement is granted in favour of a Tenant who at the time of granting the Lease had insufficient funds or trading experience to consider purchasing the property from which they trade.   The Option Agreement allows the Tenant after a number of years of trading to obtain the necessary finance to convert the tenancy into ownership.   Option Agreements as a rule are generally in favour of one party who will have a determined period of time in which to exercise it. 

As with any legal document it is important to obtain clear and experienced legal advice on such matters to ensure that they will meet your requirements. Early legal advice can save a considerable amount of cost and inconvenience later on in the transaction.  At McKay Norwell we pride ourselves on being able to provide you with the advice you need when you need it most.

How We Work With Your Business

We offer free initial enquiries to ensure that you can find out all of your legal options. If you ask us to help you we will ensure you have good and easy access to us, including:

  • Direct dial telephone numbers for every solicitor;
  • Same day responses to all legal enquiries whenever possible
  • Weekly updates on each matter

Free Initial Enquiries

Please call us on 0131 222 8000 or complete our short enquiry form on the right of the page and we will soon be in touch with you.
 

"Just a little note to thank you personally for all your hard work and understanding with regards my claim.  I think a Claimant needs to feel that a Solicitor is fully on his side and believes in the merits of a claim and not just going through the motions.  You have displayed that to me and shown an eagerness to get many important points across, which can be crucial."
 

Case Studies

  • Award of Expenses