Once a party has decided to grant an option, a number of administrative issues may need to be addressed. In addition, gas pipeline agreements typically include: 7) no option or non-conclusion. If the Fellow does not properly exercise his option before the expiry of the period of validity or does not meet the conditions for licensing and conclusion of a license within the authorized time limits, this option agreement terminates and the licensor may retain the price of the option and has no other obligations to the licensee. – if the option includes a right of pre-emption, the duration of this right of pre-emption (for example, the clause could provide that, if the parties do not agree on the terms of the subsequent agreement within a specified period, the university is free to grant a license to a third party, but must offer the scholarship holder the conditions offered to the third party.