Option Agreements are essential legal instruments in Austrian business transactions, providing flexibility and security in various commercial arrangements. These agreements are particularly valuable when parties need time to evaluate opportunities, arrange financing, or obtain necessary approvals before committing to a transaction. The Option Agreement sets out the detailed terms under which the option can be exercised, including precise timeframes, pricing mechanisms, and conditions precedent. Under Austrian law, these agreements must comply with specific requirements of the ABGB (Austrian Civil Code) and, where applicable, the UGB (Austrian Commercial Code). They are commonly used in real estate transactions, corporate acquisitions, investment arrangements, and various commercial contexts where parties need to secure future rights while maintaining flexibility. The document typically includes comprehensive provisions addressing exercise procedures, representations and warranties, regulatory compliance, and dispute resolution mechanisms, all tailored to meet Austrian legal requirements.
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1. Parties: Identification and details of the Option Grantor and Option Holder
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Grant of Option: Core terms of the option, including what is being offered and the exclusivity of the option
5. Option Period: Duration of the option, including start date and expiration date
6. Exercise Price: The price or consideration to be paid upon exercise of the option
7. Exercise Procedure: Process and formalities for exercising the option
8. Representations and Warranties: Statements of fact and guarantees by both parties
9. Covenants: Ongoing obligations of the parties during the option period
10. Assignment: Rights and restrictions regarding transfer of the option
11. Termination: Circumstances under which the agreement can be terminated
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction
14. General Provisions: Standard boilerplate clauses including severability, entire agreement, amendments
1. Due Diligence: Include when the option involves complex assets requiring investigation
2. Conditions Precedent: Include when exercise of the option is subject to specific conditions
3. Confidentiality: Include when sensitive information will be exchanged
4. Security: Include when the option is secured by specific assets
5. Tax Provisions: Include when there are specific tax implications or arrangements
6. Competition Restrictions: Include when there are non-compete or market restriction provisions
7. Regulatory Compliance: Include when specific regulatory requirements apply
8. Force Majeure: Include when external events might affect the option exercise
1. Schedule 1 - Subject Matter Details: Detailed description of the asset, shares, or rights subject to the option
2. Schedule 2 - Exercise Notice Form: Template for the formal notice to exercise the option
3. Schedule 3 - Pricing Mechanism: Detailed calculation method for the exercise price if complex
4. Schedule 4 - Due Diligence Information: List of documents and information to be provided for due diligence
5. Schedule 5 - Required Consents: List of third-party or regulatory consents required
6. Appendix A - Underlying Asset Documents: Copies of relevant certificates, titles, or other asset documentation
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