Common use of Term Extensions Clause in Contracts

Term Extensions. Oji and VCP shall meet at a mutually agreed upon location between thirty (30) months and twenty-seven (27) months prior to the expiration of the Initial Term to discuss future extensions of this Agreement. Notwithstanding the foregoing sentence, after the expiration of the then-effective Term, this Agreement shall automatically renew for successive one (1) year periods, unless either party shall provide the other party with written notice of non-renewal (the “Non-Renewal Notice”) not less than twenty-four (24) months in advance of the date of the expiration of the Term. The “Term” of this Agreement shall be the Initial Term and any renewal or renewals thereof.