Term Clause Example from Business Contracts

Term. The Corporation hereby employs the Executive, and the Executive hereby accepts employment, for term commencing on Effective Date hereof and, subject to earlier termination as provided in Section 5 hereof, continuing for the period commencing on the Effective Date through December 31, 2017 (the "Initial Term"); which Initial Term may be renewed annually or extended by mutual agreement of the Corporation and the Executive (such Initial Term, as the same may be so renewed or extended, being hereina...fter sometimes called the "Term of Employment"). The Executive shall perform the services specified herein, all upon the terms and conditions hereinafter stated. This Agreement may be extended only upon the written consent of the parties hereto. View More