Optional Renewal definition

Optional Renewal. The contract may be renewed/extended for two (2) additional twelve (12) month periods or an additional $20,000,000, or both, upon mutual written agreement. Bid submission: Bids must be submitted via attachment using the Commonwealth’s e-Procurement portal (eVA) no later than 2:00 p.m. EST Thursday, May 19, 2022. Inquiries for information regarding this invitation for bids shall be in writing directed to:
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Examples of Optional Renewal in a sentence

  • On a monthly basis, Vendor shall provide a report to USAC on the total spend against the Not-to-Exceed Amount for the Initial Term and each Optional Renewal Term.

  • Failure to provide monthly premium rates (in U.S. dollars) for any Plan Year (Initial and Optional Renewal Terms) in a highlighted cell shall result in the Respondent’s Proposal being deemed non-responsive and disqualify such Proposal from further consideration.

  • Vendor will provide a notice to USAC when Fees for the Initial Term or any Optional Renewal Term exceed sixty percent (60%) of the Not-to-Exceed Amount for the Initial Term or such Optional Renewal Term.

  • Vendor is not obligated to provide Services under this MSA to the extent the Fees for such Services would exceed the Not-to-Exceed Amount for the then-applicable Initial Term or Optional Renewal Term if (i) it has complied with the two following paragraphs, and (ii) it notifies USAC immediately when the Not-to-Exceed Amount has been reached.

  • Optional Renewal 1 (Years 6-8): an increase equal to the lower of (i) 15% or (ii) CPI increase as measured on a cumulative basis from the Effective Date through Year 5 of the Agreement.

  • If this Contract is extended, the First Optional Renewal Period shall commence on Month XX, 202X and shall continue in full force and effect through Month XX, 202X.

  • If this Contract is extended, the Second Optional Renewal Period shall commence on Month XX, 202X, and shall continue in full force and effect through Month XX, 202X.

  • The Respondent shall propose a corresponding monthly premium rate for all Plan Years (Initial and Optional Renewal Terms) for each Plan Design and Plan enrollment tier, in each highlighted cell on Forms B1 through B3 of this Price Sheet.

  • The term of this Agreement, which may include an Optional Renewal term pursuant to the parties mutual written consent, is the Term stated on the front pages of this Agreement, unless earlier terminated as provided in this Agreement.

  • PrePaid Term; Automatic Monthly Renewal and Optional Renewal After Initial Term.