EXTENSIONS OF THE TERM Clause Samples
The "Extensions of the Term" clause defines the conditions under which the duration of an agreement or contract may be prolonged beyond its original end date. Typically, this clause outlines the process for requesting an extension, such as requiring written notice from one or both parties before the term expires, and may specify the length and number of allowable extensions. Its core practical function is to provide flexibility for both parties to continue their relationship if needed, while ensuring that any extension is mutually agreed upon and clearly documented, thereby preventing misunderstandings about the contract's duration.
EXTENSIONS OF THE TERM. The Term shall be automatically extended for successive [TEXT OMITTED - CONFIDENTIAL TREATMENT REQUESTED] periods after the Expiration Date, unless either Party gives written notices of its intent not to renew the Agreement at least one hundred twenty (120) days prior to the date on which the Term or the then-current renewal period (as applicable) expires. Notwithstanding the above, if Customer and TSG become disaffiliated, either party shall have the option, in its sole and absolute discretion, at any time six (6) months following the disaffiliation to terminate this Agreement by giving six (6) months prior written notice to the other Party; provided, however, that prior to the Expiration Date TSG may not terminate (except for breach pursuant to Section 20.1) Services provided hereunder to the extent such Services are required for Customer to continue support of American Airlines, Inc.
EXTENSIONS OF THE TERM. The Term of this Agreement may be extended by mutual agreement for an additional three (3) years, by either party providing the other with written notice at least six (6) months before the Expiration Date. Upon the renewal, if any, of this Agreement, TSG has the right to modify the pricing for the Base Services, as defined in ARTICLE 3.
1. If the parties fail to reach agreement on the pricing modifications prior to the Expiration Date, then this Agreement shall expire effective as of such Expiration Date.
EXTENSIONS OF THE TERM. Optionee may extend the Initial Term of the option for an additional one calendar month ("the First Extended Term") from the expiration of the Initial Term, by delivering written notice of such election to Optionor with a grace period not later than two (2) business days after the expiration of the Initial Term, time being of the essence, and tendering the additional option payment described in Section 5, below. Said payment shall be the consideration for the extension of the term of the option. Optionee may extend the First Extended Term of the Option Agreement for up to an additional one calendar month, up to a total of three (3) additional months ("the Second or Third Extended Term" as the case may be) from the expiration of the First Extended Term or Second Extended Term, by delivering notice (as specified hereinafter in Section 17) with a grace period not later than two (2) business days after the expiration of the First Extended Term or Second Extended Term, time being of the essence of such election to Optionor and tendering the additional option payment described in Section 5. Should the last day of the First Extended Term (or the Second or Third Extended Term as the case may be) fall on a weekend or County of Marin legal holiday, then said term shall end at 5:00 p.m. on the next business day of the County of Marin. Said payment shall be the consideration for the extension of the term(s) of the Option Agreement. The Initial Term, as it may be extended by the First Extended Term, and Second Extended Term, and Third Extended Term, if such term(s) are extended, pursuant to this Section 3, is referred to as the "Option Term".
EXTENSIONS OF THE TERM. The Term shall be automatically extended for successive one (1) year periods after the Expiration Date, unless either Party gives written notice of its intent not to renew the Agreement at least six (6) months prior to the date on which the then-current Term expires. In the event that either of the Parties wish to modify the terms of this Agreement for a renewal period, the Parties shall mutually agree in writing to such modifications prior to the commencement of the relevant renewal period in accordance with the Change Order Process set forth in Section 3.5 below.
EXTENSIONS OF THE TERM. Optionee may extend the term of the option for up to an additional five consecutive times in one- month increments (“the Extension Terms”) from the expiration of the Initial Term, by making the payment described in Section 5. Said payment shall be the consideration for the extension of the term.