Optional Term Sample Clauses
An Optional Term clause defines provisions in a contract that are not mandatory but may be exercised at the discretion of one or both parties. For example, it might allow a party to extend the contract duration, purchase additional services, or opt into certain features if they choose. This clause provides flexibility, enabling parties to adapt the agreement to changing needs or circumstances without renegotiating the entire contract.
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Optional Term. After the Initial Term, the City reserves the right, at its sole discretion, to extend the term of this Agreement for up to two (2) additional one-year terms (“Option Term(s)”) up through June 30, 2028.
Optional Term. January 1, 2022 – June 30, 2022
Optional Term. After the Initial Term, the SUCCESSOR AGENCY reserves the right, at its sole discretion, to extend the term of this AGREEMENT for up to two
Optional Term. If applicable list the tasks and other activities to be jointly performed by NPS and the Recipient pursuant to this Agreement.]
Optional Term. After the Initial Term, the City reserves the right, at its sole discretion, to extend the term of this Agreement for up to two (2) additional one-year terms (“Option Term(s)”) up through December 31, 2026.
Optional Term. 2.2.1 V/Line may extend this Agreement for one or more Optional Terms by giving notice to the Contractor before expiry of the then current Term.
Optional Term. After the Initial Term, The Director of Human Resources (“Director”) may extend the Initial Term of the Agreement in one-year increments, up to a maximum of two (2) one-year periods (“Option Period”) up through September 30, 2027.
Optional Term. After the Initial Term, the City reserves the right, at its sole discretion, to extend the term of this Agreement for up to one additional one-year term (“Option Term”).
Optional Term. The term may be extended for an additional period of 5 years at the sole option of The City of ▇▇▇▇▇▇▇▇▇. The total maximum period for the initial term plus options is a maximum of 15 years.
Optional Term. Lessor hereby grants to Lessee the right, at -------------- Lessee's sole option, to extend the term of this Lease for an additional five (5) year period from and after the Expiration Date ("Optional Term") on the same terms and conditions as set forth in this Lease, except as herein expressly provided to the contrary. During the Optional Term, the annual rent shall be One Hundred Twenty Thousand and No/100 Dollars ($120,000.00) ("Optional Term Base Rental"). The Optional Term Base Rental during each twelve (12) month period of the Optional Term shall be paid in equal monthly installments of Ten Thousand and No/100 Dollars ($10,000.00) with the first installment being due on the first day of the first month of the Optional Term and on the first day of each successive month thereafter during the Optional Term. Lessee shall, if Lessee desires to exercise such option rights, exercise Lessee's option rights granted hereunder on or before ninety (90) days prior to the Expiration Date of this Lease. If Lessee fails to exercise the option within ninety (90) days prior to the Expiration Date, Lessor, at Lessor's option, may terminate Lessee's option rights under this Lease.