Option Years Clause Samples
The "Option Years" clause allows a contract to be extended beyond its initial term for additional, predefined periods at the discretion of one or both parties, typically the buyer. In practice, this clause specifies the number and length of these optional extensions, as well as the process and timeline for exercising the option, such as providing written notice before the current term expires. Its core function is to provide flexibility and continuity in contractual relationships, enabling parties to continue their arrangement without renegotiating a new contract, while also managing future commitments and planning.
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Option Years. The Department shall have the right to unilaterally extend the term of this agreement for four (4), one (1) year option periods or successive portions thereafter. The Department shall give the Contractor preliminary, written notice of its intent to exercise an option period at least thirty (30) days in advance of the contract expiration. The Contractor may waive the thirty (30) day notice requirement by providing a written waiver to the Contracting Department prior to the expiration of the Contract.
Option Years. Option years shall be included as a year of the contract if the option had been fully exercised at the time of the tender, signing or renewal.
Option Years. If Parties agree on a suitable Fellow for future years, the Port can extend the agreement for up to two (2) years by providing written notice in accordance with Section 11 below. Such written notice will describe the projects and initiatives for the year, as well as the lump sums to be paid by the Port, which shall be one third of the proposed cost of the Fellow, with King County and the City of Seattle providing the remainder of the funding. The total not to exceed amount to be paid by the Port under this Agreement shall be $146,667.
Option Years. In the event a Master Agreement and Purchase Agreement for a particular Procurement allow for the exercise of Option Years by the Purchaser, the details of such Option Years, including the process by which Purchasers must provide notice in writing to Metrolinx of its intention to exercise any Option Year, shall be described in the Terms of Reference and incorporated into the Master Agreement of the applicable Procurement. As described in Section 4.5 (Purchase Agreement with Supplier), Purchasers are required to (a) provide notice to Metrolinx of the intention to exercise an Option Year in accordance with the terms set out in the Master Agreement, and (b) the Purchaser and the Supplier must extend the existing Purchase Agreement or enter into a new Purchase Agreement for the duration of the Option Year. Notwithstanding anything in this Agreement to the contrary, in the event that no Purchaser notifies Metrolinx of its intention to exercise the Option Years under a Master Agreement, that Master Agreement shall be deemed to be at an end and shall expire at the completion of its stated term, unless the Steering Committee advises Metrolinx otherwise.
Option Years. Provided Lessee is and remains in full compliance with the terms and conditions of this Agreement, Lessee shall have the option to extend the Extension Term for two (2) additional consecutive one (1) year terms, referred to herein, respectively, as the “First Option Year” and the “Second Option Year.” The term of this Agreement shall automatically extend for the First Option Year unless Lessee provides written notice to the Port at least one hundred thirty five (135) days prior to expiration of the Extension Term that Lessee declines the First Option Year, in which event the term of this Agreement shall expire upon expiration of the Extension Term. The term of this Agreement shall automatically extend for the Second Option Year unless Lessee provides written notice to the Port at least one hundred thirty five (135) days prior to expiration of the First Option Term that Lessee declines the Second Option Year, in which event the term of this Agreement shall expire upon expiration of First Option Year. The First Option Year and the Second Option Year are from time to time referred to herein each as an “Option Year” and, collectively, as the “Option Years.”
Option Years. For clarification purposes, you shall have an option to renew your subscription for the same services listed in the table above at the same usage limits for two (2) additional 12-month renewal periods, each an “Option Year” for the fees specified in the table above. Professional Services are not included in the Option Years. You must provide Oracle a minimum of 30 days notice prior to the expiration of a service term of your intent to exercise an option below and execute an order for the new option period prior to the expiration date of the existing service period. The Cloud Services listed above may not be renewed at the option year pricing listed above if: (i) Oracle is no longer making such Cloud Services generally available to customers, or (ii) You are seeking to cancel or reduce the number of user licenses of the Cloud Services set forth in this Ordering Document. City of ▇▇▇▇▇▇ Technology Servicec Signature Oracle America, Inc. Signature Name Title Signature Date ▇▇▇▇ ▇▇▇▇▇▇▇ City Manager 10/12/2018 Name Title Signature Date DocuSign Envelope ID: 2AA27E56-33C8-4C3F-A1BA-0E2D42486F76 Customer Name City of ▇▇▇▇▇▇ Technology Servicec Customer Name City of ▇▇▇▇▇▇ Technology Servicec Customer Address ▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇ Customer Address ▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇ Denton TX Denton TX 76201 76201 Contact Name ▇▇▇▇▇▇ ▇▇▇▇ Contact Name ▇▇▇▇▇▇ ▇▇▇▇ Contact Phone +▇ (▇▇▇) ▇▇▇-▇▇▇▇ Contact Phone +▇ (▇▇▇) ▇▇▇-▇▇▇▇ Contact Email ▇▇▇▇▇▇.▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ Contact Email ▇▇▇▇▇▇.▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ DocuSign Envelope ID: 2AA27E56-33C8-4C3F-A1BA-0E2D42486F76 I, ▇▇▇▇ ▇▇▇▇▇▇▇ , the undersigned representative of Oracle America, Inc. (hereafter referred to as Oracle), being an adult over the age of eighteen (18) years of age, verify as an authorized representative of Oracle, on behalf of Oracle, that the company named-above, under the provisions of Subtitle F, Title 10, Government Code Chapter 2270:
1. Does not boycott Israel currently; and
2. Will not boycott Israel during the term of the contract to which this Verification is attached as Exhibit B.
Option Years a. The Supplier(s), in consideration of award of this Contract, hereby grants the Authority the irrevocable option to extend the contract by up to thirty-six (36) months on the terms and conditions of the contract existing at the time the option to extend applies. The option period will apply as follows:
(1) SOR line item 2 as specified within Schedule 2 “Option Period 1”, upon the Authority invoking the option in accordance with this Conditions 46.5 and schedule 4, will commence on 01/12/2028 and expire 30/11/2029
(2) SOR line item 3 as specified within Schedule 2 “Option Period 2”, upon the Authority invoking the option in accordance with this Conditions 46.5 and schedule 4, will commence on 01/12/2029 and expire 30/11/2030 (3) SOR line item 4 as specified within Schedule 2 “Option Period 3”, upon the Authority invoking the option in accordance with schedule 4, will commence on 01/12/2030 and expire 30/11/2031
b. Subject to the Authority exercising the option by giving the Supplier(s) no less than thirty (30) business days prior written notice of the Authority’s intent to extend.
c. Where an option to extend is exercised by the Authority, this shall be the subject of a formal amendment to contract in accordance with condition 6 (Amendments to Contract).
d. The Authority shall be under no obligation to exercise the option to extend.
e. The provisions of this contract shall continue to apply to any extension of the contract term unless otherwise amended by the Authority and the Supplier.
Option Years. This Agreement includes the option for two, one-year renewals or extensions to include the 2017 and the 2018 O’Fallon Heritage & Freedom Fest, to be awarded or exercised at the sole discretion of the City of ▇’▇▇▇▇▇▇, Missouri.
Option Years. H.6.1. General One or more option years may be awarded during the performance period of this contract in accordance with FAR 17.204. It is understood and agreed that the Government has no obligation to award any option years unless it is in the best interest of the Governement.
H.6.2. Evaluation A cost realism analysis will be conducted for all option years.
Option Years. (a) Option Year is defined as a specified timeframe, in accordance with Section 8.0 below, in which the Work shall be carried out in accordance with the Contract requirements at the fixed all-inclusive prices stated in Section 4.0 RQQ Emergent - 05/28/2015 Page 5 of 7 herein solely if Metrolinx exercises its option to proceed with an Option Year in accordance with Sections 7.1(a) and 7.1(b) below.