Common use of Extension Terms - State’s Option Clause in Contracts

Extension Terms - State’s Option. The State, at its discretion, shall have the option to extend the performance under this Contract beyond the Initial Term for a period, or for successive periods, at the same rates and under the same terms specified in the Contract (each such period an “Extension Term”). In order to exercise this option, the State shall provide written notice to Contractor in a form substantially equivalent to that in Sample Option Letter Exhibit. The State may include and incorporate a revised budget with the option letter, as long as the revised budget does not unilaterally change rates or terms specified in the Contract. Except as stated in §2.D, the total duration of this Contract, including the exercise of any options to extend, shall not exceed 5 years from its Performance Beginning Date, or the number of years specified on the Signature and Cover Pages if such number is less than 5 years absent prior approval from the State Purchasing Director in accordance with the Colorado Procurement Code.

Extension Terms - State’s Option. The If the Signature and Cover Pages for this Agreement shows that the State has the Option to Extend Term, then the State, at its discretion, shall have the option to extend the performance under this Contract Agreement beyond the Initial Term for a period, or for successive periods, at the same rates and under the same terms specified in the Contract Agreement (each such period an “Extension Term”). In order to exercise this option, the State shall provide written notice to Contractor in a form substantially equivalent to that in Sample Option Letter ExhibitCounty. The State may include and incorporate a revised budget with the option letterbudget, as long as the revised budget does not unilaterally change rates or terms specified in the ContractAgreement. Except as stated in §2.D, the total duration of this ContractAgreement, including the exercise of any options to extend, shall not exceed 5 years from its Performance Beginning Date, or the number of years specified on the Signature and Cover Pages if such number is less than 5 years years, absent prior approval from the State Purchasing Director Chief Procurement Officer in accordance with the Colorado Procurement Code.