Implied Option Clause Samples

An Implied Option clause establishes that a party has certain rights or choices under a contract, even if those options are not explicitly stated in the agreement. In practice, this might allow a party to take specific actions, such as extending a deadline or choosing an alternative method of performance, based on the context or customary practices in the industry. The core function of this clause is to provide flexibility and address situations that may not have been foreseen or detailed in the contract, thereby reducing ambiguity and potential disputes over what actions are permissible.