48 CFR 570.401 - 570.401 Renewal options.

Regulations last checked for updates: May 19, 2024

Title 48 - Federal Acquisition Regulations System last revised: May 14, 2024

View all text of Subpart 570.4 [570.401 - 570.405]

570.401 - 570.401 Renewal options.

(a) Exercise of options. Before exercising an option to renew, follow the procedures in 517.207. The contract must first provide the right to renew the lease. If a renewal option was not evaluated as part of the lease at award, then the addition of a renewal option during the lease term must satisfy the requirements of GSAM 506 regarding full and open competition.

(b) Market information review. Before exercising an option to renew a lease, review current market information to determine that the rental rate in the option is fair and reasonable.

[76 FR 30851, May 27, 2011]

authority: 40 U.S.C. 121(c)

source: 64 FR 37265, July 9, 1999, unless otherwise noted.

cite as: 48 CFR 570.401