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570.401 Renewal options.

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570.401 Renewal options.

570.401 Renewal options.

      (a) Exercise of options. Before exercising an option to renew, follow the procedures in 517.207 Exercise of options.. The contract must first provide the right to renew the lease. If a renewal option was not evaluated as part of the lease at award, then the addition of a renewal option during the lease term must satisfy the requirements of GSAM 506 regarding full and open competition.

      (b) Market information review. Before exercising an option to renew a lease, review current market information to determine that the rental rate in the option is fair and reasonable.