Common use of Term and Extensions Clause in Contracts

Term and Extensions. The Term of this Agreement shall commence on the Effective Date and shall continue until 31 December, 2024 (“Initial Term”) provided that those provisions of this Agreement which are expressly stated as commencing on the Start Date shall not commence until the Start Date. The Initial Term shall be automatically extended by an additional two (2) year period until 31 December 2026 (“Extended Term”) unless prior termination by either Party in accordance with the Termination Events listed under Sections 16.2 or 16.3 below. The Initial Term and the Extended Term together referred to as “Term”.