Common use of Second Option to Extend Clause in Contracts

Second Option to Extend. Subject to approval of CMS and requisite State approvals, the State may request continued performance for up to two additional years starting on November 1, 2021 and ending no later than October 31, 2023 at mutually agreed rates and on the same terms specified in this Contract. If the State exercises this option, it shall provide written notice to Contractor at least thirty (30) days prior to the end of the current Contract term in form substantially equivalent to Exhibit B, Sample Option Letter. If exercised, the provisions of the Option Letter shall become part of and be incorporated into this Contract. Any agreed increase in rates under this Section 5.D shall be limited as follows: In no event will the rates agreed under this Section 5.D exceed the rates covering the period from November 1, 2020 to October 31, 2021 as specified in this Contract plus a maximum percentage increase equal to the mathematical mean of the annual percent increase in the Consumer Price Index for All Urban Consumers (CPI-U) for the Denver-Boulder-Greeley metropolitan area for calendar year 2018 and calendar year 2019 as published by the US Department of Labor, Bureau of Labor Statistics. If the CPI-U is for some reason not available as specified in this Section, the Parties will use the CPI-U (U.S.) for the same period.

Second Option to Extend. Subject to approval of CMS and requisite State approvals, the State may request continued performance for up to two additional years starting on November July 1, 2021 2022 and ending no later than October 31June 30, 2023 2024 at mutually agreed rates and on the same terms specified in this Contract. If the State exercises this option, it shall provide written notice to Contractor at least thirty (30) days prior to the end of the current Contract term in form substantially equivalent to Exhibit B, Sample Option Letter. If exercised, the provisions of the Option Letter shall become part of and be incorporated into this Contract. Any agreed increase in rates under this Section 5.D shall be limited as follows: In no event will the rates agreed under this Section 5.D exceed the rates covering the period from November July 1, 2020 to October 312021 through June 30, 2021 2022 as specified in this Contract plus a maximum percentage increase equal to the mathematical mean of the annual percent increase in the Consumer Price Index for All Urban Consumers (CPI-U) for the Denver-Boulder-Greeley metropolitan area for calendar year 2018 2019 and calendar year 2019 2020 as published by the US Department of Labor, Bureau of Labor Statistics. If the CPI-U is for some reason not available as specified in this Section, the Parties will use the CPI-U (U.S.) for the same period.