Easily Insert Option Field from the General Contractor Agreement

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How to Insert Option Field from the General Contractor Agreement

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joe just answer i just asked another question here while learning how to price a job did you under bid and realize it should have cost more for the job yes and i i think weve all gone through that you know everybody thats been in in construction uh there yeah theres definitely times where i under bid a job and i learned from that so now the way that i have it set up um you know over time you learn all this and if you have a good contract in place that can protect you and your customer then then thats thats where a lot of the times you know theres jobs we take on where theres an unforeseen circumstance you know and a lot of the new guys dont know like oh you know its gonna cost us more but i dont have this in my contract so the customers not wanting to spend more and they try to take advantage of of contractors as well sometimes so you know if its an unforeseen circumstance you should have that in your contract where you know if something shows up or theres rot or something

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What is an option in a federal contract?

Option years are a common feature of service contracts with the federal government. Many such contracts provide for a base period of performance and then allow the Government to exercise one or more options to extend the contract term.

What is a dash 8 clause?

The clause states: The Government may require continued performance of any services within the limits and at the rates specified in the contract.

What is the difference between FAR 52.217-8 and 52.217-9?

FAR Subpart 17.2 prescribes two primary clauses for service contracts: (1) 52.217-8 for short term extensions up to six months, typically used for situations outside the contracting offices control when a new contract cannot be awarded on time, and (2) 52.217-9, which normally results in one or more annual options.

What is an option in contracting?

What Is an Options Contract? An options contract is an agreement between two parties to facilitate a potential transaction on an underlying security at a preset price, referred to as the strike price, prior to or on the expiration date.

Is 52.217-8 unilateral or bilateral?

Answer. Question 1) your understanding is correct, FAR 52.217-8 gives the contracting officer the unilateral right to exercise the option as long as you are still within the notification period identified in the last sentence.

What are the 5 essential elements of a construction contract?

5 Key Elements Every Construction Contract Should Contain 1) The projects scope. 2) The cost and payment terms. 3) The projects time frame. 4) Protection against lien law. 5) Dispute resolution clauses.

What does FAR 52.217-8 mean?

FAR 52.217-8 allows the government to extend services without negotiating short extensions to existing contracts in circumstances, such as those here, where the award of a successor contract is delayed.

What is the far clause to exercise an option?

The clause at FAR 52.217-9 addresses exercising an option that is within the scope (including the period of performance) of the contract. It gives the Government the right to unilaterally exercise one or more options.

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