Options
If a grantee chooses to use options, the following applies:
Evaluation of Options
Exercise of Options
- When options have not been evaluated as part of the award, the exercise of such options will be considered a sole source procurement.
- Exercised option must be in accordance with terms and conditions of the option in awarded contract
- Option may not be exercised unless grantee has determined that the option price is better than prices available on market or that option is more advantageous offer
2005 - Federal Transit Administration