Term Clause Example from Business Contracts

Term. Subject to the remaining provisions of this paragraph, this letter agreement will be for an initial term that begins as of the date first set forth above and continues in effect through December 31, 2019 (the "Initial Term") and, unless terminated sooner, will continue on a year-to-year basis after the Initial Term (each year, a "Renewal Term"). If either party elects not to renew this letter agreement, that party must give a written notice of termination to the other party at least 90 days befo...re the expiration of the then-current Initial Term or Renewal Term. If one party provides the other with a notice of termination, no further automatic extensions will occur and this letter agreement will terminate at the end of the then-existing Initial Term or Renewal Term, and such termination will not result in any entitlement to compensation pursuant to Section 9 below or otherwise. View More