Common use of Availability of Funds for the Next Fiscal Year Clause in Contracts

Availability of Funds for the Next Fiscal Year. Funds are not guaranteed for performance under this Contract beyond the current fiscal year that ends on June 30th. The Authority’s obligation for performance of this Contract beyond that date is contingent upon the availability of funds from which payment for Contract purposes can be made. The Authority will not be liable for any payment under this Contract until funds are made available to the Contracting Officer and until the Contractor receives notice in writing. Any option that the Authority may exercise in whole or in part, in a subsequent fiscal year is subject to availability of funds in that fiscal year and will be governed by the terms of this clause.