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<br /> RFP 24-06-01 BANKING SERVICES 12 <br /> <br />provided that the services rendered by the successful Proposer during the contract period are <br />satisfactory. <br /> <br />In the event services are scheduled to end because of the expiration of this contract, the Vendor <br />shall continue the service upon the request of the City. The extension period shall not extend for <br />more than ninety (90) days beyond the expiration date of the existing contract. The successful <br />Proposer shall be compensated for the service at the rate(s) in effect when the City invokes this <br />extension clause. <br /> <br /> 2.4.1 OPTIONS TO RENEW <br /> <br /> Prior to, or upon completion, of that initial term, the City shall have the option at its sole discretion <br /> to renew this contract for an additional five (5) year period. This could result in a ten (10) year <br /> agreement. Prior to completion of each exercised contract term, the City may consider an <br /> adjustment to price based on changes in the following pricing index: Consumer Price Index for <br /> “All Urban Consumers for Miami-Fort Lauderdale, FL” as published by the U.S. Department of <br /> Labor Statistics for the twelve (12) months ending September of each year to be effective for the <br /> next contract period. <br /> <br />It is the successful Proposer’s responsibility to request any pricing adjustment under this <br />provision. For any adjustment to commence on the first day of any exercised option period, the <br />vendor’s request for adjustment should be submitted 90 days prior to expiration of the then <br />current contract term. The successful Proposer’s adjustment request should not be in excess of <br />the relevant pricing index change. If no adjustment request is received from the successful <br />Proposer, the City will assume that the Proposer has agreed that the optional term may be <br />exercised without pricing adjustment. Any adjustment request received after the commencement <br />of a new option period may not be considered. <br /> <br />The City reserves the right to negotiate lower pricing for the additional term(s) based on market <br />research information or other factors that influence price. The City reserves the right to apply any <br />reduction in pricing for the additional term(s) based on the downward movement of the <br />applicable index. <br /> <br />The City reserves the right to reject any price adjustments submitted by the successful Proposer <br />and/or to not exercise any otherwise available option period based on such price adjustments. <br />Continuation of the contract beyond the initial period, and any option subsequently exercised, is <br />a City prerogative, and not a right of the bank. This prerogative will be exercised only when such <br />continuation is clearly in the best interest of the City. <br /> <br />Should the successful bank decline the City’s right to exercise the option period, the City may <br />consider the bank in default which may affect that bank’s eligibility for future contracts. <br /> <br />2.5 METHOD OF AWARD <br /> <br /> The City anticipates entering into an agreement with the proposer(s) who will be the most <br /> responsive, responsible proposer whose proposal is determined to be the most advantageous to