Is it ever too late to exercise an option? For example, say a contract's base period was scheduled to expire on August 31, 2011. The option period covers September 1, 2011 to August 31, 2012. What happens if the agency delays the decision on whether to exercise the option for so long that the expiration date comes and passes? What if the contracting officer decides on Septembe 15, 2011, that he would like to finally exercise the option? Can he do that? And can he make the effective date of