Easily Replace Option Field into the Administrative Services Agreement

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How to Replace Option Field into the Administrative Services Agreement

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all right good morning and welcome to this webinar hosted by business now my name is mayana and im joined today by my colleague matt sperger and he will spend the next around 30 minutes talking about contract management and focusing on how companies can give value from using servicenow to support their contract management and before we start i would like to ask um that you that we just get to know whos on the call so if you would please uh select one of the options on the screen then we can see what are the different roles of people on the call if during this presentation you have any questions then please use the q a button um on the menu and then well take up the questions uh towards the end and then when i so i will now give the word pass the word over to max and as you can see lets we now have answers from from people in the pool oh we do so how can i see them okay can i see them yes i found the button oh excellent really good uh yeah i thought there would be a a crowd of vario

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What determinations must the contracting officer make prior to exercising an option?

When using sealed bidding, the contracting officer shall make a written determination that there is a reasonable likelihood that the options will be exercised before including the provision at 52.217-5, Evaluation of Options, in the solicitation. (See 17.207(f) with regard to the exercise of options.)

What type of modification is used to make an administrative change to a contract?

A unilateral modification (change order) may be used to: Make administrative changes. Issue change orders under a contract change or other clause.

What is an administrative change order?

Administrative change means a unilateral (see 43.103(b)) contract change, in writing, that does not affect the substantive rights of the parties (e.g.,a change in the paying office or the appropriation data).

What must you reference in the contract modification to exercise the option as the authority for the action?

(g) The contract modification or other written document which notifies the contractor of the exercise of the option shall cite the option clause as authority.

What is required to exercise an option?

To exercise an option, you simply advise your broker that you wish to exercise the option in your contract. Your broker will initiate an exercise notice, which informs the seller or writer of the contract that you are exercising the option.

Who has the authority to execute contract modifications?

The contracting officer must prepare and issue a contract modification to modify the agreement.

What modification authority must be cited when making administrative changes to a contract using the SF 30?

When effecting an administrative change modification, check Block 13B of the SF 30. No other specific authority need be cited. agree to the change (i.e., sign the modification) prior to effecting the modification?

What are options in government contracts?

Federal Acquisition Regulation (FAR) 2.101 defines an option as a unilateral right in a contract by which, for a specified time, the government may elect to purchase additional supplies or services called for by the contract, or may elect to extend the term of the contract. There are some docHub points

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