4727 EXERCISING CONTRACT OPTIONS

4727.1 The Contracting Officer may exercise a contract option upon determining that:

(a) Funds are available and authorized for this purpose;

(b) The goods or services covered by the option fulfill an existing need; and

(c) Exercising the option is the most advantageous method of fulfilling the Department's need.

4727.2 The determination to exercise a contract option shall be in writing and shall be included in the contract file.

4727.3 To exercise an option over two hundred fifty thousand dollars ($250,000) the Contracting Officer must first obtain the approval of the CCO.

4727.4 In addition to the approval of the CCO, if applicable, prior to exercising any option, the approval of the Department's Chief Financial Officer shall be obtained as to whether funds are available for the exercise of the option. Approval of the Council shall also be obtained as required.

SOURCE: Notice of Emergency and Proposed Rulemaking published at 58 DC 8805 (October 14, 2011)[EXPIRED]; as amended by Notice of Final Rulemaking published at 59 DCR 985, 1012 (February 10, 2012).