Option to Extend the Contract Clause Samples

The "Option to Extend the Contract" clause grants one or both parties the right to prolong the duration of an existing agreement beyond its original end date. Typically, this clause outlines the conditions under which the extension can be exercised, such as providing written notice within a specified timeframe or agreeing to certain terms for the extended period. Its core practical function is to provide flexibility and continuity, allowing parties to maintain their business relationship without renegotiating a new contract, thereby reducing uncertainty and administrative burden.
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Option to Extend the Contract. The Contractor grants to Canada the irrevocable option to extend the term of the Contract by up to 2 additional one year period(s) up to March 31, 2023., under the same conditions. The Contractor agrees that, during the extended period of the Contract, it will be paid in accordance with the applicable provisions as set out in the Basis of Payment. Canada may exercise this option at any time by sending a written notice to the Contractor at least 30 calendar days before the expiry date of the Contract. The option may only be exercised by the Contracting Authority, and will be evidenced for administrative purposes only, through a contract amendment.
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Option to Extend the Contract. (Item 003 and 004)
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Option to Extend the Contract. This Contract shall commence on the Effective Date and shall terminate on June 30, 2017. The City’s Fiscal Year commences on July 1 and ends on June 30 of the following year. At the sole option of the City, the City may extend the term of this Contract with the Contractor for an additional fiscal year, 2017/2018 under the same terms and conditions of this Contract (“renewal option”). This renewal option must be exercised by City by providing written notice of the City’s intent to exercise said option to Contractor at least 30 days prior to the expiration of the then-current Contract term. If the City does not provide notice of its intent to exercise a renewal option, the Contract shall expire at the end of the then-current fiscal year. The Contractor shall be entitled to increase its rates at a percentage no greater than the percent increase in the March to March San Francisco/Oakland Metropolitan Area Consumer Price Index as released by the United States Department of Labor on a yearly basis with a maximum inflation increase of 3% per year. The City’s decision to exercise its renewal option for any given fiscal year does not guarantee renewal for any subsequent fiscal year.
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Option to Extend the Contract 
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Related to Option to Extend the Contract

  • Option to Extend (a) Provided that the Tenant is not then in default of its obligations under this Lease beyond any applicable cure or grace period, the Landlord shall at the expiration of the Term, provided the Tenant has given the Landlord notice of its exercise of the option to extend at least twelve (12) months prior to the expiration of the Term, extend the Term for a further term of five (5) years (the “First Extension Term”) from the expiration of the Term, upon the same terms and conditions contained in this Lease except extension options and the Annual Base Rent to be paid during the First Extension Term. (b) Provided that the Tenant is not then in default of its obligations under this Lease beyond any applicable cure or grace period, the Landlord shall at the expiration of the First Extension Term, provided the Tenant has given the Landlord notice of its exercise of the option to extend at least twelve (12) months prior to the expiration of the First Extension Term, extend the First Extension Term for a further term of five (5) years (the “Second Extension Term”) from the expiration of the Term, upon the same terms and conditions contained in this Lease except extension options and the Annual Base Rent to be paid during the Second Extension Term. (c) The Annual Base Rent during any Extension Term shall be the Current Market Rent for the Premises. If the Landlord and the Tenant have not mutually agreed on the amount of the Annual Base Rent at least three (3) months prior to the commencement of such Extension Term, then Annual Base Rent shall be decided in the manner set out in Section 3.3. Until the Annual Base Rent has been determined, the Tenant shall pay the monthly Rent requested by the Landlord and, upon the determination of the Annual Base Rent, the Landlord and the Tenant shall make the appropriate adjustments together with interest at the Prime Rate.

  • OPTION TO RENEW So long as Tenant is not in default of its obligations hereunder, Landlord hereby agrees that Tenant shall have two (2) separate options to renew the term of this Lease for a term of five (5) years each, provided that Tenant notifies Landlord of its exercise of such option(s) no later than seven (7) months prior to the expiration date of the then current term. Such renewal shall be on the same terms and conditions set forth in the Lease, except that Annual Basic Rental shall be set at the then current rent established by Landlord for the Premises. Tenant shall execute any renewal form required by Landlord in order to preserve Landlord's rights and remedies under the lease, as renewed. Within thirty (30) days following receipt of Tenant's exercise of its option, Landlord shall advise Tenant of the Annual Basic Rental which will be charged for the renewal term. Tenant shall have a period of fifteen (15) days within which to notify Landlord, in writing, of its election to revoke its option, in which event the term of the Lease shall expire as though no option to renew had been exercised by Tenant. Should Tenant fail to so notify Landlord of its election to revoke the exercise of its option, the option shall be effective and the Annual Basic Rental shall be that set forth in Landlord's notice to Tenant.