This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Kentucky Expansion Option Clause refers to a specific provision within a contract that allows the parties involved to include a predetermined expansion option in the agreement. This clause enables the Kentucky-based parties to extend the terms, conditions, or scope of the contract in the future as a means of accommodating potential growth or changes in project requirements. By incorporating this clause, parties can avoid the need for negotiating an entirely new agreement. There are several types of Kentucky Expansion Option Clauses that may be utilized, depending on the specific needs of the contracting parties. These variations include: 1. Expandable Time Frame Clause: This type of expansion option allows the parties to extend the duration of the agreement beyond the original expiry date. For example, a construction contract could include an expandable time frame clause to grant the option of extending the project timeline if needed. 2. Expandable Scope Clause: With an expandable scope clause, the parties can broaden the scope of the contract by adding additional deliverables, services, or products. For instance, in a partnership agreement, the parties may include an option to expand the range of offered products or services to tap into new markets. 3. Expandable Territory Clause: This option allows the contracting parties to expand the geographic area covered by the contract. For instance, a distribution agreement may include an expandable territory clause to enable the parties to extend the sales and distribution area as business opportunities arise. 4. Expandable Quantity/Volume Clause: This type of expansion option permits the increase of quantities or volumes specified in the contract. For example, a supply agreement may include an expandable quantity/volume clause to accommodate future market demand. 5. Expandable Pricing Clause: An expandable pricing clause allows the parties to adjust the contract price based on predetermined conditions or factors. This clause is commonly seen in long-term contracts, such as energy supply agreements, where the price is subject to regular adjustments. In summary, the Kentucky Expansion Option Clause is a contractual provision that allows flexibility and potential growth for the parties involved. Depending on the nature of the agreement, different types of expansion options such as expandable time frame, scope, territory, quantity/volume, and pricing clauses can be included to shape the expansion provisions in a manner that best suits their needs.
