Common use of Term of Performance Clause in Contracts

Term of Performance. Performance under this Agreement shall begin on the latter date of the signature of this Agreement. Unless this Agreement is terminated earlier in accordance with provisions of law or equity or the terms of this Agreement, performance by the VENDOR hereunder shall terminate upon written notice to the VENDOR from UNIVERSITY. The term of any Addendum hereto shall not exceed five (5) years. By or during the fourth year of every five-year cycle of this master agreement, the ▇▇▇▇▇▇ University Office of Procurement and Contracting (OPC) shall review the total spend of all Addenda under this Agreement, and should the trend suggest that the total spend on the Agreement may exceed $5 million during such five-year cycle, OPC shall seek the approval of the ▇▇▇▇▇▇ University Board of Trustees prior to entering the fifth year of the cycle, and prior to entering any additional five-year cycle. This Agreement and all Addenda thereunder shall terminate upon failure to secure Board of Trustee approval as stated above or as rapidly thereafter there after as prudence requires, but in no event later than six months after such event or as otherwise directed by the Board of Trustees.

Term of Performance. Performance under this Agreement shall begin on the latter date of the signature of this Agreement. Unless this Agreement is terminated earlier in accordance with provisions of law or equity or the terms of this Agreement, performance by the VENDOR hereunder shall terminate upon written notice to the VENDOR from UNIVERSITYHUHC. The term of any Addendum hereto shall not exceed five (5) years. By or during the fourth year of every five-year cycle of this master agreement, the ▇▇▇▇▇▇ University HUHC Office of Procurement and Contracting (OPC) shall review the total spend of all Addenda under this Agreement, and should the trend suggest that the total spend on the Agreement may exceed $5 million during such five-year cycle, OPC shall seek the approval of the ▇▇▇▇▇▇ University Board of Trustees prior to entering the fifth year of the cycle, and prior to entering any additional five-year cycle. This Agreement and all Addenda thereunder shall terminate upon failure to secure Board of Trustee approval as stated above or as rapidly thereafter there after as prudence requires, but in no event later than six months after such event or as otherwise directed by the Board of Trustees.