Option Period

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Option Period

In Texas, a short period of time during which a seller of real estate may not to sell to anyone other than the person or entity who placed a bid. This gives the potential buyer time to perform inspections without placing his/her earnest money at risk. The potential buyer pays a non-refundable option fee, which is distinct from earnest money, in order to take advantage of an option period.
References in periodicals archive ?
The ordering period is a one-year basic period with four one-year option periods with work expected to be completed by June 2019 if all option periods are exercised.
The base performance period begins April 1, 2014 and ends March 31, 2015, and the contract provides for two twelve-month option periods exercisable by the US Army.
The five-year contract performance period included a 24-month base period and three 12-month option periods with a total value not to exceed $183 million.
But we would like the players to be obviously rewarded for the good seasons they have had, and to go forward and get contracts that wipe out the option periods.
The contract includes a base period, four option periods and five award option periods for a total contract value if all options are exercised of $168,185,893.
The original lease term is for twenty years until 2012 then there are two-five year option periods.
The task order has an initial term of 12 months, and two one-year option periods.
The awards are worth more than $70 million if three one-year option periods are fully exercised.
The time and materials task order has a two-year base period and two three-year option periods, exercisable at the discretion of the government.
Potentially valued at more than $174 million, including options, this indefinite delivery/indefinite quantity, cost plus fixed fee contract will be performed over a period of one year, with four one-year option periods.
The three year indefinite delivery/indefinite quantity (ID/IQ) performance-based contract to CALIBRE has one base year and two option periods with a total contract value of up to $16.
This contract contains one base year and four one-year option periods that have all been exercised.