Notice exercising an Option Clause Samples
The "Notice exercising an Option" clause defines the process by which a party formally communicates its decision to exercise a contractual option, such as extending a lease or purchasing additional goods or services. Typically, this clause specifies the required method of notification, the timeframe within which notice must be given, and any information that must be included in the notice. By establishing clear procedures for exercising options, the clause ensures both parties are aware of their rights and obligations, thereby reducing the risk of disputes or misunderstandings regarding the exercise of contractual options.
Notice exercising an Option. Not later than 12 months before the Capacity End Date, a Shipper may give written notice to the Operator that it wishes to exercise an Option. If such notice is not given before such time, the Option lapses, is of no force and effect whatsoever, and cannot be exercised.