Section 232.703-3 - Contracts crossing fiscal years(b) The contracting officer may enter into a contract, exercise an option, or place an order under a contract for severable services for a period that begins in one fiscal year and ends in the next fiscal year if the period of the contract awarded, option exercised, or order placed does not exceed 1 year (10 U.S.C. 3133 ).64 FR 28110, May 25, 1999, as amended at 87 FR 76995 , Dec. 16, 2022 As amended at 87 FR 76995 , 12/16/2022