Common use of Extension Terms - State’s Option Clause in Contracts

Extension Terms - State’s Option. If the Signature and Cover Pages for this Agreement shows that the State has the Option to Extend Term, then the State, at its discretion, shall have the option to extend the performance under this Agreement beyond the Initial Term for a period, or for successive periods, at the same rates and under the same terms specified in the Agreement (each such period an “Extension Term”). In order to exercise this option, the State shall provide written notice to County. The State may include and incorporate a revised budget, as long as the revised budget does not unilaterally change rates or terms specified in the Agreement. Except as stated in §2.D, the total duration of this Agreement, including the exercise of any options to extend, shall not exceed 5 years from its Performance Beginning Date, or the number of years specified on the Signature and Cover Pages if such number is less than 5 years, absent prior approval from the Chief Procurement Officer in accordance with the Colorado Procurement Code.

Extension Terms - State’s Option. If the Signature and Cover Pages for this Agreement shows that the State has the Option to Extend Term, then the The State, at its discretion, shall have the option to extend the performance under this Agreement Contract beyond the Initial Term for a period, or for successive periods, at the same rates and under the same terms specified in the Agreement Contract (each such period an “Extension Term”). In order to exercise this option, the State shall provide written notice to CountyContractor in a form substantially equivalent to that in Sample Option Letter Exhibit. The State may include and incorporate a revised budgetbudget with the option letter, as long as the revised budget does not unilaterally change rates or terms specified in the AgreementContract. Except as stated in §2.D, the total duration of this AgreementContract, including the exercise of any options to extend, shall not exceed 5 years from its Performance Beginning Date, or the number of years specified on the Signature and Cover Pages if such number is less than 5 years, years absent prior approval from the Chief Procurement Officer State Purchasing Director in accordance with the Colorado Procurement Code.