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. Multiple Renewal options can be applied on a contract.

Shortening options can be used to shorten the contract's end date. Multiple Shortening options can be applied on a contract.

Termination options can be used to terminate the contract and make the end date final.