Common use of Contract Term and Termination Clause in Contracts

Contract Term and Termination. 1. This contract shall be valid from March 25, 2023, to March 24, 2027. Unless either party provides written notice of termination 30 days prior to the expiration date, the contract shall automatically renew for 1 additional year. 2. If either party fails to fully and/or timely fulfill its obligations under this contract, the other party may issue a warning. If the breach is not rectified within 5 days, the non-breaching party may unilaterally terminate this contract immediately without compensation.

Appears in 3 contracts

Sources: Food Supply Contract (BILLION GROUP HOLDINGS LTD), Food Supply Contract (BILLION GROUP HOLDINGS LTD), Food Supply Contract (BILLION GROUP HOLDINGS LTD)

Contract Term and Termination. 1. This contract shall be valid from March 25, 2023, to March 24, 20272025. Unless either party provides written notice of termination 30 days prior to the expiration date, the contract shall automatically renew for 1 additional year. 2. If either party fails to fully and/or timely fulfill its obligations under this contract, the other party may issue a warning. If the breach is not rectified within 5 days, the non-breaching party may unilaterally terminate this contract immediately without compensation.

Appears in 1 contract

Sources: Food Supply Contract (BILLION GROUP HOLDINGS LTD)