Validity And Denоunciation. 1. This Agreement is concluded for an indefinite period of time. 2. Each Contracting Party may denounce this Agreement through diplomatic channels by a written notification to the other Contracting Party. The Agreement shall be denounced on the first day of the seventh month following the date on which the notification was received by the other Contracting Party. 3. Both Contracting Parties agree that in the event of any Contracting Party becoming a member of the European Union, that Contracting Party will withdraw from this Agreement at the latest the day before membership takes effect, and without any compensation to the other Contracting Party.
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Sources: Free Trade Agreement, Free Trade Agreement