Option Period
Type: noun
Pronunciation: /op-shun-peer-ee-ud/
Also spelled or known as: Option Term
Plural: Option Periods
Related: Option
What does Option Period mean? A contractual period during which one party has the right, but not the obligation, to exercise an option granted under an agreement.
Option periods commonly appear in artist, publishing, licensing, management, and entertainment contracts.
Option Period synonyms: Option, Option Term, Exercise Period, Option Window
Example sentence: “The label exercised its option during the second option period.”
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