Multi-year Options Clause Samples
The Multi-year Options clause allows parties to extend or renew an agreement for additional years beyond the initial term. Typically, this clause outlines the conditions under which the option can be exercised, such as providing written notice within a specified timeframe or agreeing to predetermined terms for the renewal period. Its core practical function is to provide flexibility and predictability for both parties, enabling them to plan for a longer-term relationship while retaining the ability to reassess their commitment at set intervals.
Multi-year Options. In accordance with 49 U.S.C. § 5325(e)(1), a Recipient procuring rolling stock financed with Federal assistance under 49 U.S.C. chapter 53 may not enter into a multi-year contract to purchase additional rolling stock and replacement parts with options exceeding five (5) years after the date of the original contract.
Multi-year Options. In accordance with 49 U.S.C. § 5325(e)(1), an Indian Tribe procuring rolling stock financed with Federal assistance under 49 U.S.C. chapter 53 may not enter into a multi-year contract to purchase additional rolling stock and replacement parts with options exceeding five (5) years after the date of the original contract.
Multi-year Options. In accordance with 49 U.S.C. § 5325(e)(1), the Grantee may not enter into a multi-year contract with options, exceeding five (5) years after the date of the original contract, to purchase additional rolling stock and replacement parts.
Multi-year Options. As required by 49 U.S.C. § 5325(e)(1), a multi-year third party contract to purchase additional rolling stock and replacement parts with options supported with funds authorized by 49 U.S.C. chapter 53 may not exceed five (5) years after the date of the original contract.
Multi-year Options. In accordance with 49 U.S.C. §5326(b)(1), a Transit Provider may procure rolling stock using financial assistance appropriated for 49 U.S.C. Chapter 53 using a contract with an option, not to exceed 5 years after the date of the original contract, to purchase additional rolling stock or replacement.