Common use of Extension / Reduction of Contract Period Clause in Contracts

Extension / Reduction of Contract Period. The proposed assignment is extendable for another 2 (two) years subject to project requirement as well as satisfactory performance of the Contractor. The payment during the extended period shall be made as per quoted fees for Manpower Services for Operation & Maintenance in format of Form Fin – 3 of the Bid and clause 12 of the Terms of Reference. In case of non-extension of the contract, if there are genuine reasons which could not have been foreseen by an experienced Contractor on account of which time schedule agreed to between the parties may not be adhered to, the Contractor shall inform the Owner in writing of such anticipated delay along with reasons and request for extension of time. However, it is at sole discretion of the Owner to grant such extension of time to the Contractor and for a period as the Owner finds most feasible and in best interest of the project.