Before exercising an option, you must:
(a) Synopsize it unless you meet of the following conditions:
(1) The option was evaluated as part of the original competition.
(2) The contract action meets an exception in FAR 5.202.
(b) Conclude that the contractor’s performance under the contract met or exceeded the Government’s expectation for quality performance, unless another circumstance justifies an extended contractual relationship.
(c) Determine that the option price is fair and reasonable.
