Common use of Duration and Variation Clause in Contracts

Duration and Variation. 1. The Basic Agreement is made for the period of 10 years. The validity of the Basic Agreement shall be extended for successive five-year periods unless the Parties declare otherwise. 2. The Basic Agreement may be terminated on the territory of any Party if this Party gives at least six months' notice in writing to the Depository of its intention to terminate the Basic Agreement. 3. The obligations under the treaties, agreements and other understandings signed in accordance with provisions of the Basic Agreement shall remain in force after its termination until completely fulfilled. Done at Baku on 8th September 1998 in one original copy in English and Russian languages, both texts being equally authentic. In witness whereof the undersigned Heads of States and Governments or their plenipotentiaries have signed the Basic Agreement which includes the reservations attached hereto. 1. The Republic of Azerbaijan declares that none of the rights, obligations and provisions set out in the Basic Multilateral Agreement on International Transport for Development of the Europe - the Caucasus - Asia Corridor and its Technical Annexes shall be applied by the Republic of Azerbaijan in respect of transport passing across its territory for which the territory of the Republic of Armenia is an originating, transit or destination territory. 2. The Republic of Azerbaijan reserves the right to amend or revoke at any time the provisions of Paragraph 1 of the present Reservation, and other Parties shall be notified in writing of any such amendments or revocation. Provisions of Article 4 of the Technical Annex on International Railway Transport to the Basic Agreement and Appendix 2 thereto shall not apply to the Republic of Kazakhstan. Appendix 2 to the Technical Annex regarding International Railway Transport is not to be applied in the case of Romania. The implementation of Article 12 of the aforementioned Agreement on dispute settlement is duly bound to be followed with the consent of all concerned Parties and in complying to the relevant domestic laws and regulations.