Option Clause Sample Clauses
An Option Clause grants one party the right, but not the obligation, to take a specific action under the contract, such as purchasing additional goods or extending the contract term. Typically, the clause will outline the conditions under which the option can be exercised, any deadlines for doing so, and the process for notifying the other party. This clause provides flexibility and certainty by allowing a party to secure future opportunities or benefits without committing upfront, thereby managing risk and planning for potential future needs.
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Option Clause. The Purchaser reserves the right to increase or decrease the quantity to be ordered upto 50 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 50% of the contracted quantity during the currency of the contract at the contracted rates. Bidders are bound to accept the orders accordingly.
Option Clause. Not applicable
Option Clause. MDL retains the right to increase/decrease the ordered quantity by up to 50 % at any time, till final delivery date (or the extended delivery date of the contract), by giving reasonable notice even though the quantity ordered initially has been supplied in full before the last date of the delivery period (or the extended delivery period).
Option Clause. The contract will have the option clause where in the buyer can exercise an option to procure an additional 50% of the original contracted quantity in accordance with the terms and conditions of present LP. It will be entirely at the discretion of the buyer to exercise this option.
Option Clause. The purchaser retains the right to place orders for additional quantity upto a maximum of 50% of the original contracted quantity at the same rate and conditions of the contract. This option will be available to the purchaser during the original period of contract. Variation may further incr/ decr beyond 50% in case of cost to cost item depending on the price quoted/ accepted for the basic item in first call or subsequent calls. Scheduled quantities will only be finalized after basic item rate is accepted, till then scheduled quantities will be tentative.
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.
Option Clause. To take care of any change in the requirement during the period of the Contract, the Buyer reserves the right to place orders for additional quantity up to a maximum of 50% of the originally contracted quantity at the same rate and terms of the contract.
Option Clause. 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. Pursuant to FAR Clause 52.217-9, Option to Extend the Term of the Contract, the Government may, by unilateral contract modification, require the contractor to perform additional options set forth in the Statement of Work and also defined in Sections C and F of the contract. If the Government exercises this option, notice must be given at least 60 days prior to the expiration date of this contract and the estimated cost plus fixed fee of the contract will be increased as set forth in the ESTIMATED COST PLUS FIXED FEE price of the contract as noted in Article B.3 in SECTION B of this contract.
Option Clause. It is agreed that City will have the option to extend the contract for up to two (2) additional years, in one-year intervals. To exercise this option, the City shall serve notice 30 days prior to contract termination or to the end of any one-year extension. The Option to Extend will not be considered if funding is unavailable or if the contractor’s past performance is not within the industry standard.
Option Clause. Not Applicable to this tender. 13. RANKING OF BIDS & DETERMINATION OF L-1 BIDDER: Not Applicable.