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The Option for Options

Posted by Unison Marketplace Team on Sep 5, 2019 4:31:46 PM

As we step into the end of FY19, we know there are various types of requirements you may have and that deadlines are quickly approaching. Option Period contracts can be a great way to add value to service contracts throughout the government. While Option Period contracts can be used for both service and supply contracts, the government’s use of Option Periods for services is very common and provides great benefits to the acquisition process.

What is an Option Period? An “Option Period” is a period of time defined in a contract, which is available to the government for extending performance of services beyond the initial base period.

When is an Option Period appropriate to use? Ask yourself if the following would be affected:

  • Continuity of operations
  • Potential cost of disruption in services
  • Services anticipated for future option periods

What are the benefits of using Option Periods?

  • Unilateral right of the government to exercise an Option or not to exercise an Option
  • Pricing established at the time of award

How can Unison Marketplace help?

  • Post a requirement for Option Period contracts
  • Gain access to the Supervisor Dashboard
  • Customize Reminder Notifications for your Option Period contracts
  • Drive down costs by soliciting your Option Period contract through a reverse auction
  • Exercise an Option by confirming the next Period of Performance on an existing contract
  • Choose to mark the next and subsequent option as “Do Not Exercise,” as you see fit

For more information about Option Periods, watch our Webinar: The Option for Options and download The Option for Options Whitepaper Overview.

 

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