If the potential licensee should find the technology interesting, often a more thorough evaluation or "due diligence" will be initiated.

Normally a declaration of intent will be signed by the research institution and the company - for instance:

• "Memorandum of Understanding"

• "Heads of Agreement"

• "Basic Term Sheet"

Thereby describing the framework for the evaluation and for the agreement concerning the technology transfer.

It is important to define an evaluation period and stipulate whether the company has an exclusive negotiation position - including perhaps renumeration for this exclusive position.
 
Beware that this phase normally demands a lot of resources from both the research institution and the company.

It is not uncommon for this phase to last more than 3-6 months.

Detailed analyse of the technology, the IPR, the business model, and commercial market.
 
Wikipedia: Due Dilligence