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	  <concept id="KGGJLGVL"
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		    <title xtrc="GSAR" class="- topic/title ">
			      <ph props="autonumber" class="- topic/ph ">570.401</ph> Renewal options.</title>
		    <conbody class="- topic/body  concept/conbody ">
			      <ol id="d986e13" class="- topic/ol ">
				        <li class="- topic/li " audience="GSAR">
					          <p id="d977e17" class="- topic/p " audience="GSAR">
                  <ph props="autonumber" class="- topic/ph ">(a)</ph>
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
						             <i class="+ topic/ph hi-d/i ">Exercise of options</i>. Before exercising an option to renew, follow the procedures in <xref href="GSAM-IXUTVMSR.dita#IXUTVMSR"
                        outputclass="fm:ParaNumOnly"
                        class="- topic/xref ">517.207</xref>. 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 <xref href="GSAM-BRIJNVYG.dita#BRIJNVYG"
                        outputclass="fm:ParaNumOnly"
                        class="- topic/xref ">506</xref> regarding full and open competition.</p>
				        </li>
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					          <p id="d977e34" class="- topic/p " audience="GSAR">
                  <ph props="autonumber" class="- topic/ph ">(b)</ph>
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
						             <i class="+ topic/ph hi-d/i ">Market information review</i>. 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.</p>
				        </li>
			      </ol>
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