OPTION FOR ADDITIONAL TERMS Clause Samples

The "Option for Additional Terms" clause allows parties to include extra provisions or conditions in their agreement beyond the standard terms. This clause typically outlines a process for proposing, negotiating, and formally adding new terms, which may address unique requirements or unforeseen circumstances that arise during the contract's duration. Its core function is to provide flexibility, ensuring the contract can adapt to changing needs or situations without requiring a complete renegotiation.
OPTION FOR ADDITIONAL TERMS. 2 A..........................................................................A-1 APPENDIX A - SPECIAL TERMS AND CONDITIONS..................................A-1
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OPTION FOR ADDITIONAL TERMS. Buyer, at its option, may elect to extend the term of this Contract for each Unit individually by delivery of written notice to Seller not later than six (6) months prior to the date scheduled for the first Major Inspection of such Covered Unit, but in no event shall any such election be made more than twenty-four (24) years after the Performance Start Date for such Unit. If Buyer makes the election to extend the term of this Contract with respect to a Unit, the term shall be extended until the completion of the second Major Inspection for such Covered Unit ("Extended Term"), but not more than thirty (30) years after the Performance Start Date for such Unit, and upon electing an Extended Term for the first Unit, Buyer shall purchase from Seller the additional Initial Spares described in Appendix __ at the prices described in such Appendix. In the event that this Contract is scheduled to expire with respect to a Covered Unit at the end of the Initial Term or the Extended Term, as the case may be, because of the passage of thirty (30) years after the Performance Start Date for such Unit and at a time when Buyer has not received the first or second Major Inspection for such Covered Unit, as applicable, then Buyer shall have the option, to be exercised in writing not later than three (3) months prior to the date which is thirty (30) years after the Performance Start Date for such Unit, to extend such term for such Unit for an additional period ("Final Term") until the completion of the next Hot Gas Path Inspection or Major Inspection for such Unit, whichever occurs first; provided that if the Final Term expires upon the completion of a Hot Gas Path Inspection and the first Major Inspection has not yet been completed for such Unit, Buyer shall have the option, to be exercised in writing not later than three (3) months prior to the completion of the Hot Gas Path Inspection, to extend the Final Term for such Unit until the completion of the first Major Inspection for such Unit. This Long Term Parts & Long Term Services Contract is signed by the Parties' authorized representatives on the date first stated above. GENERAL ELECTRIC TENASKA, INC. INTERNATIONAL INC. By: /s/_________________________ By: /s/________________________ Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: General Mgr - Operations Title: Vice President APPENDIX A SPECIAL TERMS AND CONDITIONS
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OPTION FOR ADDITIONAL TERMS. Provided that Tenant has not defaulted under any of the terms, covenants or conditions of this Lease, and further provided that Tenant shall give Landlord written notice not less than THREE (3) months prior to the expiration date of the base term of this Lease, Tenant shall have the option to renew this Lease for ONE (1) additional term of ONE (1) year, on the same covenants and conditions as herein provided, provided however that the annual minimum rent shall be increased to $39,000.00 ($3,250.00 per month, plus applicable tax). Provided that Tenant has not defaulted under any of the terms, covenants or conditions of this Lease within the first option period as set forth above, and further provided that Tenant shall give Landlord written notice not less than THREE (3) months prior to the expiration date of the first option term of this Lease, Tenant shall have the option to renew this Lease for ONE (1) additional term of ONE (1) year, on the same covenants and conditions as herein provided, provided however that the annual minimum rent shall be increased to market value or as negotiated between the parties.
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OPTION FOR ADDITIONAL TERMS. Provided that Tenant has not defaulted under any of the terms, covenants or conditions of this Lease, and further provided that Tenant shall give Landlord written notice not less than one (1) year prior to the expiration date of the base term of this Lease (or any additional term), Tenant shall have the option to renew this Lease for four (4) additional terns of five (5) years each, on the same covenants and conditions as herein provided, and on the same schedule as shown in Section 10 above.
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Related to OPTION FOR ADDITIONAL TERMS

  • Additional Terms Applicable to an Incentive Option In the event this option is designated an Incentive Option in the Grant Notice, the following terms and conditions shall also apply to the grant: (i) This option shall cease to qualify for favorable tax treatment as an Incentive Option if (and to the extent) this option is exercised for one or more Option Shares: (A) more than three (3) months after the date Optionee ceases to be an Employee for any reason other than death or Permanent Disability or (B) more than twelve (12) months after the date Optionee ceases to be an Employee by reason of Permanent Disability. (ii) No installment under this option shall qualify for favorable tax treatment as an Incentive Option if (and to the extent) the aggregate Fair Market Value (determined at the Grant Date) of the Common Stock for which such installment first becomes exercisable hereunder would, when added to the aggregate value (determined as of the respective date or dates of grant) of the Common Stock or other securities for which this option or any other Incentive Options granted to Optionee prior to the Grant Date (whether under the Plan or any other option plan of the Corporation or any Parent or Subsidiary) first become exercisable during the same calendar year, exceed One Hundred Thousand Dollars ($100,000) in the aggregate. Should such One Hundred Thousand Dollar ($100,000) limitation be exceeded in any calendar year, this option shall nevertheless become exercisable for the excess shares in such calendar year as a Non-Statutory Option. (iii) Should the exercisability of this option be accelerated upon a Change in Control, then this option shall qualify for favorable tax treatment as an Incentive Option only to the extent the aggregate Fair Market Value (determined at the Grant Date) of the Common Stock for which this option first becomes exercisable in the calendar year in which the Change in Control occurs does not, when added to the aggregate value (determined as of the respective date or dates of grant) of the Common Stock or other securities for which this option or one or more other Incentive Options granted to Optionee prior to the Grant Date (whether under the Plan or any other option plan of the Corporation or any Parent or Subsidiary) first become exercisable during the same calendar year, exceed One Hundred Thousand Dollars ($100,000) in the aggregate. Should the applicable One Hundred Thousand Dollar ($100,000) limitation be exceeded in the calendar year of such Change in Control, the option may nevertheless be exercised for the excess shares in such calendar year as a Non-Statutory Option. (iv) Should Optionee hold, in addition to this option, one or more other options to purchase Common Stock which become exercisable for the first time in the same calendar year as this option, then the foregoing limitations on the exercisability of such options as Incentive Options shall be applied on the basis of the order in which such options are granted.

  • Option Term This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

  • Extended Terms The Term of this Agreement may be extended by the Manager if the Resident applies in writing for an “Extension” in accordance with the Managers published policies about Term Extensions. Extensions are subject to availability. Priority will be given to Residents travelling from great distances, who demonstrate a special need, or who are enrolled in orientation or academic programs that begin early or continue beyond the Residence Term. Extensions may also be granted for any ‘Early Move-In’, ‘Late Move-Out’ or ‘Summer Residence’ programs offered by the Manager. Residents granted Extensions are subject to the fees detailed in Table 3. Any Resident found occupying a Room outside of the Term without approval from the Manager are subject to additional fees over and above those detailed in Table 3. Summer Semester 2020 N/A N/A $35.00/Day Academic Year 2020-2021 N/A N/A $35.00/Day Winter Semester 2021 N/A N/A $35.00/Day

  • Option Agreement Each Option granted pursuant to this Section 9 shall be evidenced by a written stock option agreement, which shall be executed by the Non-employee Director and the Company.

  • Option Grant You have been granted a NON-STATUTORY STOCK OPTION (referred to in this Agreement as your "Option"). Your Option is NOT intended to qualify as an "incentive stock option" under Section 422 of the Internal Revenue Code of 1986, as amended.