Option Clause definition

Option Clause. If any patent rights, trade secret rights, or other intellectual property rights of a party are reflected in or included in any Confidential Information that is disclosed to the other party, the receiving party shall not thereby acquire any license or other rights under those patent rights, trade secret rights, or other intellectual property rights of the disclosing party; except that University shall have a limited license under any such rights of Sponsor, this license being limited to University’s activities in performing the Project.
View Source
Option Clause. The Purchaser reserves the right to increase or decrease the quantity to be ordered up to 25 percent of bid quantity at the time of placement of contract. The purchaser also reserves the right to increase the ordered quantity by up to 25% of the contracted quantity during the currency of the contract at the contracted rates. Bidders are bound to accept the orders accordingly.
View Source
Option Clause. The tender rates shall be fixed and applicable for any increase up to 100% in the tendered quantities. The Employer can decrease any quantities to any extent as per requirements and the contractor will be paid the service charge only on the pro- rata basis calculation as indicated in the financial bidding. Nothing extra will be paid by the Bank on account of omission / deletion of items or decrease in the quantity of items. The Bank shall not entertain any claim whatsoever from the contractor on this account.
View Source

Examples of Option Clause in a sentence

  • The estimated period of performance for this contract shall be consistent with the dates set forth in the Base Period in Section B.2. If the Government exercises the Options Period(s) pursuant to the Option Clause in Section I.3 of the contract, the period of performance shall be increased as shown in the table in Section B.3.

  • Unless the Government exercises its option pursuant to the Option Clause set forth in SECTION I, ARTICLE 1.1., the contract will consist only of the base period and/or any option period of the Statement of Work as defined in Sections C and F of the contract.

  • The Company will convene the H Shareholders’ Class Meeting on the Transfer based on the spirit of the Purchase Option Clause.

  • Unless the Government exercises its option pursuant to the Option Clause set forth in SECTION I., the contract will consist only of the Base Period of the Statement of Work as defined in Sections C and F of the contract.

  • In addition, in accordance with relevant provisions of the Lease Contract, the exercise of the Purchase Option Clause shall be subject to the approval of the Independent H Shareholders of the Company.

  • The estimated period of performance for this contract shall be consistent with the dates set forth in the base period CLIN 0001 set forth in ARTICLE B.2. If the Government exercises its Option(s) pursuant to the Option Clause in ARTICLE I.3 of the contract, the period of performance shall be increased as shown in the table in Article B.3.

  • Unless the Government exercises its option pursuant to the Option Clause set forth in ARTICLE I.3., the contract will consist only of the entire Statement of Work for 12 months only as defined in Sections C and F of the contract.

  • Appendix B to § 208.25—Sample Clause for Option to Escrow for Outstanding Loans Escrow Option Clause You have the option to escrow all pre- miums and fees for the payment on your flood insurance policy that covers any resi- dential building or mobile home that is lo- cated in an area with special flood hazards and that secures your loan.

  • Unless the Government exercises its option pursuant to the Option Clause set forth in ARTICLE I.3., the contract will consist only of the Base Period of the Statement of Work as defined in Sections C and F of the contract.

  • Unless the Government exercises its option pursuant to the Option Clause set forth in ARTICLE I.3., the contract will consist only of Part A of the Statement of Work as defined in Sections C and F of the contract.

Related to Option Clause

  • Appendix to Tender means the appendix comprised in the form of Tender annexed to these Conditions.

  • Expedited Deliverability Study means a deliverability study that an eligible Developer may elect to pursue as that term is defined in OATT Section 25 (OATT Attachment S) that may determine the extent to which an existing or proposed facility satisfies the NYISO Deliverability Interconnection Standard at its requested CRIS level without the need for System Deliverability Upgrades. The schedule and scope of the study is defined in Sections 25.5.9.2.1 and 25.7.1.2 of this Attachment S.

  • contract notice means the contract notice in respect of the proposed works published by the Employer on the Public Contracts Scotland Portal;

  • statutory notice means a notice served by the company under the Companies Acts requiring particulars of interests in shares or of the identity of persons interested in shares.

  • Option 1 [X] Yes, but only with respect to a Contributing Participant's Elective Deferrals.