How do I execute this action? Do I exercise OY4 early since it is being accelerated or do I exercise OY4 at the original period of performance start date?
I have no visibility to the option clause that incorporated in your contract or your funding profile/ or availability.
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I assume OY 3 and 4 money won't be available until 1 Oct of OY 3 and OY4. I also assume there is date or # of days to notify the contractor of your intent to exercise the respective option years.
You have stated that you have new work (i.e., increased level of effort) in OY3 and OY4. Therefore, I suggest that you draft a J&A for other than full-and-open competition for the new or increased level of effort, exercise the option that's included in your contract, and then add the new level of effort to the contract.
This is the way that I would manage your scenario. It's cleaner, preserves my options, and provides me the authority for the new follow-on work (i.e., level of effort)