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Definition of 'Outside Director'

Any member of a company's board of directors who is not an employee or stakeholder in the company. Outside directors are paid an annual retainer fee in the form of cash, benefits and/or stock options. Corporate governance standards require public companies to have a certain number or percentage of outside directors on their boards as they are more likley to provide unbiased opinions.

A letter to be issued by a contracting authority to notify a contractor that an option to extend the term of a contract subject to the public procurement regime is being exercised or to record an agreement that the term of the contract will be extended. (Practical Law)

Each time the contracting officer exercises an option to extend the term of a contract for construction, or a contract that includes substantial and segregable construction work, the contracting officer must modify the contract to incorporate the most current wage determination. ( Labor standards for contracts containing construction requirements and option provisions that extend the term of the contract)

It [Scotland] examines three currency options: being part of a sterling currency zone, adopting the euro, or having an independent currency. (BBC News)