Common use of Contract Term and Termination Clause in Contracts

Contract Term and Termination. The term of this Agreement shall be one year from the date hereof. Thereafter, it shall automatically renew for successive one (1) year periods, unless terminated upon thirty (30) days prior written notice, with or without cause, by either a Participating BROKER or CARRIER at any time. In the event of termination of this Agreement for any reason, the Participating BROKERS, as applicable, and CARRIER shall be obligated to complete performance of any work in progress in accordance with the terms of this Agreement. i. A Participating BROKER may terminate this Agreement immediately in any of the following events: a. CARRIER loses its operating authority or otherwise becomes disqualified to perform its obligations under this Agreement; b. CARRIER breaches any covenant, obligation, condition, or requirement imposed upon it by this Agreement, and such breach continues for a period of ten (10) days after written notice thereof from BROKER to CARRIER;