The "Term of Contract" clause specifies the duration over which the contract will remain in effect, including the start and end dates. It may also outline conditions for renewal or extension, as well as procedures for termination before the contract's original expiration.
2.1 Term of contract Party A and Party B agree to determine the term of this contract according to paragraph (1) below: (1) Fixed term: from [dd/mm/yy] to [dd/mm/yy]. (2) Non-fixed term: from [dd/mm/yy] to the satisfaction of any statutory conditions on termination. (3) Term ending on completion of certain work: from [dd/mm/yy] to the completion of [insert the work], and marked with [●].
(The probation period shall not exceed one month if the term of contract is no less than three months and no more than one year, shall not exceed two months if the term of contract is no less than one year and no more than three years, and shall not exceed six months if the term of contract is a fixed term of three years or not fixed. No probation period may be specified if the term of contract ends when certain work is completed or if the term of contract is less than three months. One probation period only may be specified between the same employer and employee.)
Term of contract: Five (5) Years
“Term of contract” 1 Year renewable
II. Term of contract Both Parties agree to determine the term of contract as per the following manner, fixed term: from the date of signature until March 28, 2024, three years (36 months) in total.
Subsequent years of initial term of contract outsourcing billing commission percentage: 0.4% (Subsequent years of initial term do not count toward goal)
1. Term of labor contract The term of contract shall be five year(s) from this 10th day of June, 2023 to this 9th day of June, 2028.
Article II Term of Contract The term of this Contract is from , 2020 to , 2021. Within sixty days before this Contract expires, both parties shall consult with each other about renewal of this Contract, and if there is no written objection notice, this Contract will be renewed for one year automatically.
I. SUBJECT AND TERM OF CONTRACT The products hereunder are the liquors that is brewed on the basis of production technology and standards of light aromatic flavored white liquor, which shall conform to State’s product quality standards for white liquor industry to ensure long-term and stable product quality. Party A shall sell to Party B, and Party B shall act as the distributor of Party A hereunder, sell all over the country. The term of this Contract shall be commencing from June 30, 2020 and expiring on June 29, 2023. In case of renewal after the expiration of this Contract, Party B shall have the priority under the same conditions.
Article 5 (Term of Contract) 1. The term of this contract shall be two (2) years from April 1, 2023 to March 31, 2025. 2. However, either the First Party or the Second Party may terminate this agreement prior to the expiration date by giving the other party two months’ notice. If the First Party and the Second Party separately agree to extend the term of this agreement, a written agreement to that effect shall be executed.
2.Term of Contract. BSN’s Contract with DINC shall begin on 1st December, 2022, and shall continue until the termination or renewal of this agreement, after which time continued Contract shall be on an "at will" basis, unless: 2.1.BSN’s Contract is terminated by either party in accordance with the terms of Section 5 of this Contract Agreement; or 2.2.Such term of Contract is extended or shortened by a subsequent agreement duly executed by each of the parties to this Contract Agreement, in which case such Contract shall be subject to the terms and conditions contained in the subsequent written agreement.
ARTICLE V - TERM OF CONTRACT This Agreement shall be effective as of the 1st day of November 1993, and shall remain in force and effect until November 1, 2013, ("Primary Term") and on a month to month basis thereafter unless terminated by either Party upon at least thirty (30) days prior written notice to the other Party; provided, however, that if the Primary Term is one year or more, then unless Shipper elects upon one year's prior written notice to Transporter to request a lesser extension term, the Agreement shall automatically extend upon the expiration of ~he primary term for a term of five years; and shall automatically extend for successive five year terms thereafter unless shipper provides notice described above in advance of the expiration of a succeeding term; provided further, if the FERC or other governmental body having jurisdiction over the service rendered pursuant to this Agreement authorizes abandonment of such service, this Agreement shall terminate on the abandonment date permitted by the FERC or such other governmental body.
ARTICLE II. TERM OF CONTRACT. 2.1. This Agreement will become effective on the Effective Date and will continue in effect until the services provided for in this Agreement have been performed to Client’s reasonable satisfaction, unless terminated earlier as provided in this Agreement.
A “Term of Contract” refers to the duration or period during which the contractual agreement between parties is in effect. This term defines the start and end dates of the contract, indicating when the obligations and rights outlined in the agreement begin and when they conclusion. Additionally, the term might also include provisions related to renewal, extension, or termination of the contract.
A term of contract should be used whenever you are formalizing an agreement that is intended to last for a specific length of time. This is crucial in outlining the lifecycle of the contract, clarifying when the responsibilities of each party start and end. It is particularly important in:
When writing a term of contract, it is essential to be clear and precise. Here’s a simple guide to crafting this section:
Example:
The term of this contract shall commence on January 1, 2024, and shall continue until December 31, 2024, unless terminated earlier in accordance with the provisions herein. The contract may be renewed upon mutual written agreement by both parties.
The term of contract is a common feature across various types of contracts. Some examples include:
Including a defined term of contract helps protect the interests of all involved parties by setting clear expectations and guidelines for the duration of the agreement.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
A "termination at will" clause allows either party to end the contract at any time without cause, typically provided a specified notice period is given. This clause offers flexibility but can also introduce uncertainty into the contractual relationship.
The "Termination by either party" clause allows either party involved in the contract to end the agreement under specific conditions outlined within the clause. This provision details the process for termination, any required notice period, and potential penalties or consequences that may arise from the early termination of the contract.
"Termination by mutual agreement is a clause that allows all parties involved in a contract to end the agreement through a consensual decision. This type of termination ensures that all parties are released from their obligations without any breach or penalty, promoting a cooperative resolution to discontinuing the contract."
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