Common use of Term and Commencement Clause in Contracts

Term and Commencement. 10.1 This Agreement shall become effective as of the Effective Date and shall expire five (5) years from the Effective Date (“Initial Term), unless otherwise terminated pursuant to the terms of this Agreement. 10.2 Unless either party notifies the other at least 180 days but no more than 270 days prior to the end of the Initial Term or Renewal Term, the Agreement will automatically extend for additional five (5) year periods (“Renewal Term”).