Common use of Term of Contract and Termination Clause in Contracts

Term of Contract and Termination. 8.1 This Agreement shall become effective as of the date AmCOMP commences operations, and shall remain in full force and effect for a period of five (5) years thereafter. Upon the date AmCOMP commences operations, the parties will execute an addendum to this Agreement, specifying the effective date of this Agreement. The Agreement shall continuously renew for additional five (5) year terms unless AmCOMP notifies MANAGEMENT COMPANY that it elects to terminate the Agreement for a cause described in Section 8.2 of this Agreement. 8.2 This Agreement may be terminated by AmCOMP under the following conditions: (a) AmCOMP is dissolved or liquidated; (b) The MANAGEMENT COMPANY is disqualified from acting as a MANAGEMENT COMPANY by the Department and MANAGEMENT COMPANY is thereafter unable to cure the deficiencies cited by such agency within a reasonable amount of time, not exceeding sixty (60) days in length; (c) Failure of the MANAGEMENT COMPANY to manage and operate AMCOMP’s affairs in a reasonable and prudent manner; or (d) MANAGEMENT COMPANY intentionally and materially violates a Policy concerning auditing, budgeting, investing or reinsurance.

Term of Contract and Termination. 8.1 This Agreement shall become effective as of the date AmCOMP PINNACLE commences operations, and shall remain in full force and effect for a period of five (5) years thereafter. Upon the date AmCOMP PINNACLE commences operations, the parties will execute an addendum to this Agreement, specifying the effective date of this Agreement. The Agreement shall continuously renew for additional five (5) year terms unless AmCOMP PINNACLE notifies MANAGEMENT COMPANY that it elects to terminate the Agreement for a cause described in Section 8.2 of this Agreement. 8.2 This Agreement may be terminated by AmCOMP PINNACLE under the following conditions: (a) AmCOMP PINNACLE is dissolved or liquidated; (b) The MANAGEMENT COMPANY is disqualified from acting as a MANAGEMENT COMPANY by the Department and MANAGEMENT COMPANY is thereafter unable to cure the deficiencies cited by such agency within a reasonable amount of time, not exceeding sixty (60) days in length; (c) Failure of the MANAGEMENT COMPANY to manage and operate AMCOMP’s affairs PINNACLE in a reasonable and prudent manner; or (d) MANAGEMENT COMPANY intentionally and materially violates a Policy concerning auditing, budgeting, investing or reinsurance.