Tag: Terms starting with O
Term: Option Period
Additional time period(s) for which the client can, at its sole discretion, opt to continue or extend a contract past the base term. Bidders submit a price for any option period(s) with their initial proposal. If the client chooses to exercise the option period(s), the contractor is then bound by …
Term: Operator
In business, someone who delivers a product or service to an external client or who manages a group that does. Most often used to distinguish someone from a “marketer,” who sells products or services but does not create them, or from someone providing an in-house service like accounting. It has …