What is multi-year contract?
Multi-year contract means a contract for the purchase of supplies or services for more than 1, but not more than 5, program years.
What’s the meaning of multi-year?
Definition of multiyear : involving, effective for, or taking place over more than one year a multiyear period a multiyear project/study … some key global bond yields have climbed to multi-year highs in the last few days.—
How long is a multi-year contract?
twelve months
In simple terms, a multi-year contract is a contract for a product or service that lasts for more than twelve months. Multi-year contracts might make provisions that continued performance of the contract into the second and any subsequent years of that contract will be contingent on the appropriation of funds.
Is multi-year ONE WORD?
Meaning of multiyear in English. lasting for or including a period of several years: We’re at an early stage in a multiyear process.
What is the difference between multi-year and multiple year contracts?
The key distinguishing difference between multi-year contracts and multiple year contracts is that multi-year contracts, defined in the statutes cited at 17.101, buy more than 1 year’s requirement (of a product or service) without establishing and having to exercise an option for each program year after the first.
What is an option year in Government contracts?
Option years are a common feature of service contracts with the federal government. Many such contracts provide for a base period of performance and then allow the Government to exercise one or more options to extend the contract term.
What is a multi-year project?
Multi-year project means a large scale, stand-alone project which will be constructed over separate calendar years and which cannot be separated into smaller, independently operational phases.
What does multi decade mean?
Filters. Extending over multiple decades. adjective. 2.
What is a multi year project?