Contract Term definition
Examples of Contract Term in a sentence
This agreement shall be executed and shall be a binding Contract between the parties effective on the date of OSC approval, and shall commence in accordance with the Contract Term and Extensions Section.
Price Structure If, during the Contract Term, the Contractor is unable or unwilling to meet contractual requirements in whole or in part based on the price structure of the Contract, it shall immediately notify the Office of General Services, Procurement Services in writing.
Should the Commissioner in his or her sole discretion determine during the Contract Term that (i) the Contract price structure is unworkable, detrimental, or injurious to the State, or (ii) the Contract price structure results in prices which are unreasonable, excessive, or not truly reflective of current market conditions, and no adjustment in the Contract terms and/or pricing is mutually agreeable, the State may terminate the Contract upon 10 business days written notice mailed to the Contractor.
Any such adjustment, if approved by the Director of Procurement, shall become effective on the annual anniversary of the Contract Term.
TERMS AND CONDITIONS Contract Term and Extensions The Contract shall be in effect for a term of up to five (5) years.