Year Extension Clause Samples
A Year Extension clause allows for the extension of a contract or agreement beyond its original term by an additional year. Typically, this clause outlines the conditions under which the extension can be exercised, such as requiring mutual agreement or written notice before the current term expires. Its core practical function is to provide flexibility for both parties, ensuring continuity of the relationship without the need to renegotiate a new contract, thereby reducing administrative burden and potential service interruptions.
Year Extension. A billing audit and performance 570 review shall be conducted two years prior to the end of the Initial Term (i.e., during 2031, and to be completed 571 by December 31, 2031) as described in Section 17.02. The cost of the review shall be paid as specified in 572 that Section. In order to be eligible for an Extension of the Term of the Agreement under Section 2.02, 573 Contractor must meet billing and performance standards to the satisfaction of the City. In the event 574 Contractor fails to meet the minimum service and diversion requirements set forth in Section 8.01.1, this 575 Agreement will terminate on June 30, 2033 as set forth in Section 2.01 of this Agreement. 576 Article 3. Conditions Governing Services Provided by Contractor
Year Extension. CONTRACTOR may request one ten- (10-) year term extension to the original fifteen- (15-) year term, and at CITY’s sole option, CITY may grant CONTRACTOR’s request to extend the term. Under no circumstances will CITY be obligated to extend the term. CONTRACTOR must request the ten- (10-) year extension by March 31, 2029 in order to be eligible for the term extension. If CONTRACTOR is found to have a Specified Default (as described in Section 24.09), CONTRACTOR will not be eligible for the ten- (10- ) year extension.
Year Extension. If CONTRACTOR requests a term extension as described in Section 2.02 above, then, at CITY’s sole option, a billing audit and performance review shall, prior to December 31, 2029, be conducted as described in Article 20, and CONTRACTOR must pay the cost of the billing audit and performance review subject to the maximum cost specified in such Article. Regardless of the outcome of this billing audit and performance review, CITY will have no obligation to extend the term of the Agreement.”
Year Extension. Lessee shall have the right to extend the term of this Private Hangar Agreement for a second ten (10) year period of time, , 2053 through , 2063 (“Second 10-Year Extension Term”), provided that Lessee is not in default under terms of this Private Hangar Agreement and the Hangars and associated improvements are determined by the BOCC to be in good and serviceable condition, in accordance with Section IV. C. 3., below.
Year Extension. Notwithstanding anything to the contrary, and so long as there exists no Event of Default, upon maturity of this Note, the existing maturity date of December 31, 2001, will be extended five (5) years and the then outstanding principal balance will be repaid by Borrower to Lender in equal monthly principal payments. In addition, Borrower shall pay Lender monthly payments of accrued unpaid interest. The interest rate shall be selected by Borrower from one of the three (3) options more fully referenced on the attached Exhibit "A", which is incorporated herein by reference. The Variable Interest Rate, referenced in item (a) on the attached Exhibit "A", shall change from time to time based on changes to the Prime rate as published in the Wall Street Journal ("Index"). The interest rate change will not occur more often than each DAY. The interest rate to be applied to the unpaid principal balance shall be at a rate of 0.250 percentage points over the Index.
Year Extension. A billing audit and performance review shall be conducted and completed by April 1, 2034, as described in Article 14. The cost of the review shall be paid as specified in that Section. In order to be eligible for an Extension of the Term of the Agreement under Section 2.02, Contractor must meet billing and performance standards to the satisfaction of the City. In the event Contractor fails to meet the minimum service and diversion requirements set forth in Section 5.01, this Agreement will terminate on September 30, 2036, as set forth in Section 2.01 of this Agreement.
Year Extension. If the ---------------------------------------------------------- Grantee shall make available to all users of its cable system in the Village the option to receive 85 channels by no later than September 30, 1999, in accordance with Subsection 35(a) of the Cable Ordinance, then the term of the Franchise shall he extended from September 30, 2009, to September 30, 2017, and shall expire at the end of that day.
Year Extension. In accordance with Section 3 of the Electric Distribution System Franchise Agreement (the Agreement) between ATCO Electric Ltd. (ATCO) and the Town of Three Hills effective February 11, 2013, the Agreement shall be extended for a further period of 5 years, provided ATCO gives written notice not less than 12 months prior to the expiration of the initial term of its intention to extend the Agreement and the Town of Three Hills agrees in writing not less than six months prior to the expiry of the initial term. ATCO provided notice of its intention to extend the Agreement on accordance with Section 3 via email dated February 9, 2022. If Town of Three Hills agrees with this extension for an additional 5-year term, please sign the acknowledgement below and return to the undersigned by August 11, 2022 (no less than 6 months prior to the February 11, 2023 expiry date) of the current Agreement. Feel free to call with any questions or concerns. Sincerely ▇▇▇▇▇ ▇▇▇▇▇▇ Digitally signed by ▇▇▇▇▇ ▇▇▇▇▇▇
Year Extension. Student can also get a 1 year extension of their project for only Rs. 3999. They will get full access to all modules, future upgrades and support from Opteamize during the 1-year period.