This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Utah Expansion Option Clause, also known as an expansion clause, is a legally binding provision that grants a party the option to expand or extend the terms and conditions of an existing agreement or contract within the state of Utah. This clause allows the involved parties to modify or increase the scope, duration, or other elements of their contractual relationship. In Utah, there are several types of expansion option clauses that parties may choose to include in their agreements: 1. Time-Based Expansion Option: This type of clause allows one or both parties to extend the duration of the contract beyond its initial term. For example, a lease agreement may include a provision allowing the lessee the option to extend the lease for an additional period of time upon expiration. 2. Scope-Based Expansion Option: This clause enables parties to expand the scope of their agreement by adding new terms, conditions, or services. For instance, a software licensing agreement may include a provision that allows the licensee to add additional software modules in the future. 3. Price or Quantity-Based Expansion Option: This type of expansion option clause allows parties to increase or decrease the price or quantity of goods or services specified in the original agreement. For example, a supply contract may include a provision allowing the buyer to increase their purchase quantity at a pre-determined price. 4. Territory-Based Expansion Option: This clause allows parties to expand the geographic area covered by the agreement. For instance, a franchising agreement may include a provision granting the franchisee an option to open new locations within the state of Utah. It's important to note that the specific terms and conditions of the Utah Expansion Option Clause will vary depending on the nature of the agreement and the intentions of the parties involved. Parties should carefully draft and negotiate the clause to ensure it aligns with their objectives and protects their respective rights and obligations. It's advisable to consult with legal professionals specializing in contract law in Utah to ensure the validity and enforceability of the expansion option clause.
