Section 65IAC2-1-15. Contract terms

   No contract shall obligate the commission for a period in excess of four (4) years without the prior approval of the commission. A contract may contain one (1) or more option periods or provisions for extensions of the contract term, but only if an individual option period or extension:

(1) does not exceed two (2) years in duration; and

(2) becomes effective only upon the specific, affirmative exercise of the option, or the specific, affirmative agreement to the extension, by the director.

(State Lottery Commission; 65 IAC 2-1-15; emergency rule filed Jul 20, 1989, 4:10 p.m.: 12 IR 2296; emergency rule filed Sep 5, 1989, 3:20 p.m.: 13 IR 92; readopted filed Nov 30, 2001, 11:02 a.m.: 25 IR 1268; readopted filed Nov 14, 2007, 3:02 p.m.: 20071212-IR-065070656RFA; emergency rule filed Jun 28, 2013, 1:13 p.m.: 20130710-IR-065130297ERA)