option

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option

1. Commerce an exclusive opportunity, usually for a limited period, to buy something at a future date
2. NZ short for local option

Option

 

in international law, the choice of citizenship extended to persons having citizenship of two or more states. The implementation of the option is based on an agreement between the interested states or on legislation by the states. The option arises most often in the cession of territory, when special accords grant citizens of the contracting states the right of option. Children, as a rule, follow their parents’ option of citizenship.

An example of option connected with territorial changes after World War II is the 1947 peace treaty with Italy, which granted for one year the right of option of citizenship to citizens who until 1946 had been permanent residents of territories ceded at that time to other states.

After the October Revolution of 1917, the Soviet state concluded an agreement on option with the states that had emerged from the former Russian Empire, for example, with Finland. The USSR signed a number of option agreements after World War II. An example is the Protocol on Option in the 1945 Soviet-Czechoslovak treaty on the Transcarpathian Ukraine. The protocol provided that persons of Ukrainian or Russian nationality who resided in regions of Slovakia in Czechoslovakia and persons of Slovak or Czech nationalities who resided in the Transcarpathian Ukraine could choose either Soviet or Czechoslovak citizenship.

Option of citizenship was also provided for in the conventions on dual citizenship the USSR concluded with a number of socialist states between 1956 and 1966.

option

An agreement between an owner and prospective user of a property which, for a specified sum, grants the latter the right to buy or rent the property within a specified period of time.

option

References in periodicals archive ?
He'll be entered for the Queen Anne and Prince of Wales's Stakes, we'll keep options open and see what Sheikh Mohammed wants to do.
That means it will keep options open in states such as Bihar, Jharkhand and Orissa.
We will keep options open for the future but the Melbourne Cup is one of those options.
The meeting also discussed the need to keep options open on the date of the referendum on further law-making powers.
But Mr Milburn wants to keep options open over private-sector involvement - and he is backed by the Prime Minister
You've always got to keep options open in this game.
But both the Tories and Labour have a "wait and see" policy to keep options open on whether we sign up for a single currency.
According to the Blue Paper and Podcast, experts believe that failure can actually help businesses if coped with correctly by helping leadership recognize what doesn't work, how to keep options open, new ways to attract and retain resources, develop an intuitive team and more.