Contract options
A contract option is a feature within a contract that allows a contracting party to extend, shorten, or end the contract. Several option types can be linked to a contract:
• Renewal options extend the contract’s end date and can be applied multiple times.
• Shortening options bring the contract’s end date forward and can also be applied multiple times.
• Termination options end the contract and set a final end date — this action is irreversible.