A right given for a consideration to purchase property on or before a fixed date, on terms previously agreed upon. An option entitles, but does not oblige, the person having the option to make the purchase. Options also appear in many leases, referring to a further term of tenancy. Many leases contain a clause giving the option of renewal for a further period, at a rent to be mutually agreed. In the event of disagreement, the rent would be determined by a value determined by the President of the Institute, whose opinion shall become binding to both parties.