Common use of Option Years Clause in Contracts

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. 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 with such lump sums not exceeding an additional $10,000 above the previous year’s budget for a Keystone Fellow. If the Port pursues a ▇▇▇▇▇▇▇▇ Fellow the Port contribution must meet the minimum requirement of the proposed cost of the Fellow, with King County and the City of Seattle providing the remainder of the funding$60,000. The total not to exceed amount to be paid by the Port under this Agreement shall be $146,667150,000.00.