This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Idaho Expansion Option Clause is a legal provision that allows parties in a contract to include a clause that grants the option to expand or extend the contract's terms and conditions. This clause serves as a mechanism to provide flexibility and future planning for the parties involved. The Idaho Expansion Option Clause can be included in various types of contracts, such as real estate agreements, business partnerships, lease agreements, or employment contracts. It allows the parties to agree on specific conditions and terms under which the contract can be expanded. There are different types of Idaho Expansion Option Clauses that can be utilized based on the specific requirements and intentions of the parties involved. Some common types include: 1. Time-based Expansion Option Clause: This type of clause allows the parties to extend the contract's duration beyond its initial term. It establishes a predetermined period during which the expansion can occur. 2. Price-based Expansion Option Clause: This clause allows the parties to negotiate and agree on a predetermined price or rate for the expansion or extension of the contract. It ensures that both parties are aware of the financial implications of the expansion. 3. Performance-based Expansion Option Clause: This type of clause depends on certain performance criteria being met before the expansion can take place. It ensures that the party seeking the expansion has fulfilled specific obligations or milestones as agreed upon in the original contract. 4. Property-based Expansion Option Clause: In contracts related to real estate or property agreements, this clause grants the option to expand the property area or modify its usage. It enables parties to adapt the contract to their evolving needs or changing business requirements. The Idaho Expansion Option Clause provides the parties involved with valuable flexibility and the ability to adapt to changing circumstances. It is important to consult with legal professionals experienced in Idaho contract law to draft this clause accurately and in accordance with applicable regulations.
