A contract option is a feature included in a contract that enables a contracting party to extend a contract for a specific period of time, or to shorten or end it. Several options can be linked to a contract:

Renewal options can be used to extend the contract's end date. Renewal options can be applied multiple times.

Shortening options can be used to shorten the contract's end date. Shortening options can be applied multiple times.

Termination options can be used to terminate the contract and make the end date final (this an action which cannot be reversed).

For details on adding and using contract options, see Using contract options.