Common use of Extension of the Term Clause in Contracts

Extension of the Term. Decisions to renew the Permit will be made by the Operating Committee, although the Operating Committee decision whether to renew shall be decided by Nation alone. If the Operating Committee decides to renew, Nation will be bound by the renewal work program and all other consequences of the renewal; if the Operating Committee decides not to renew, Paltar may renew the Permit for its own account, and this Agreement will automatically terminate upon such renewal.

Extension of the Term. Decisions to renew the Permit will be made by the Operating Committee, although the Operating Committee decision whether to renew shall be decided by Nation alone. If the Operating Committee decides to renew, Nation will be bound by the renewal work program and all other consequences of the renewal; if the Operating Committee decides not to renew, Paltar Officer may renew the Permit for its own account, and this Agreement will automatically terminate upon such renewal.

Extension of the Term. Decisions to renew the Permit will be made by the Operating Committee, although the Operating Committee decision whether to renew shall be decided by Nation alone. If the Operating Committee decides to renew, Nation will be bound by the renewal work program and all other consequences of the renewal; if the Operating Committee decides not to renew, Paltar Pxxxxx may renew the Permit for its own account, and this Agreement will automatically terminate upon such renewal.