Examples of Renewal Option Period in a sentence
All insurances required by this Section shall be effective when Contract commences and shall remain in full force and effect during the Contract term and Renewal Option Period, if exercised, and any extension.Certificates of Insurance duly issued and certified by the insurance company and evidence of the payment of premiums shall be furnished to the Procurement Officer within ten (10) business days after notice of recommended Contract award.
The Renewal Option Period will be applied to the end of the renewed CDP commitment period.
In consideration of the extension of the Option pursuant to each Renewal Option Period, Lessee shall pay to Lessor the Option Extension Fee within thirty (30) days of the commencement of each Renewal Option Period.
If a CDP is cancelled or terminated during the Renewal Option Period, the CDP Customer will be treated as if it has completed a full commitment period.
The Company will grant a Renewal Option Period of twenty-four (24) months to that CDP Customer.
No productive well shall be abandoned until its lack for further profitable production has been demonstrated to the satisfaction of the Superintendent.
Contract Year Annual Fixed Retainer Fee 1 $144,000.00 2 $144,000.00 3 $144,000.00 Renewal Option Period Annual Fixed Retainer Fee 1 $144,000.00 2 $144,000.00 Any travel costs will be paid in accordance with Exhibit B, Authority Policy P412, Travel, Business Development and Working Meals Expenses.
Each Renewal Option Period shall commence the day immediately following the expiration of the Initial Term or previous Renewal Option Period, as applicable.
Failure of the Contractor to submit and maintain the required Performance Bond coverage throughout the term of the Contract, and any Renewal Option Period, if exercised, will constitute an event of Default under the Contract.” It appears that the MLGCA will accept a renewable performance bond on an annual basis.
If a Commitment Discount Plan is cancelled or terminated during the Renewal Option Period, the CDP Customer will be treated as if it has completed a full commitment period.