[Code of Federal Regulations] [Title 48, Volume 7] [Revised as of October 1, 2001] From the U.S. Government Printing Office via GPO Access [CITE: 48CFR3517.207] [Page 126] TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM CHAPTER 35--PANAMA CANAL COMMISSION PART 3517--SPECIAL CONTRACTING METHODS--Table of Contents Subpart 3517.2--Options Sec. 3517.207 Exercise of options. (h) The contracting officer, if the contract so provides, may, subject to the conditions in FAR 17.204(d) and FAR 32.703-2, exercise an option contingent upon the availability of funds. Under no circumstances shall any action be taken which could be construed as creating a legal liability on the part of the Commission until a formal notice of availability of funds in the form of a contract modification has been issued by the contracting officer.