Section 105IAC12-4-6. Option to renew

   A contract may contain an option to renew or extension of its terms, for a specified period of time, under the following circumstances:

(1) Exercise of the option is at the discretion of the department.

(2) The provision must be included in the solicitation.

(3) A contract for supplies may be entered into for a period not to exceed four (4) years.

(4) Performance obligations for succeeding fiscal years shall be subject to availability of funds for each year.

(5) The invitation for bid and contract specify the exact payment terms.

(Indiana Department of Transportation; 105 IAC 12-4-6; filed Jan 15, 1993, 1:00 p.m.: 16 IR 1510; filed Jul 28, 1994, 4:00 p.m.: 17 IR 2803; filed Oct 3, 2001, 9:35 a.m.: 25 IR 372; readopted filed Nov 7, 2001, 3:20 p.m.: 25 IR 899; readopted filed Jun 14, 2007, 2:45 p.m.: 20070627-IR-105070237RFA; readopted filed Oct 2, 2013, 11:39 a.m.: 20131030-IR-105130295RFA)

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