Common use of Agreement Renew Clause in Contracts

Agreement Renew. 2.1. Subject to clause 2.2, at the end of the Term this Agreement shall automatically renew, on substantially the same terms and conditions, for a further renewal period of 12 (twelve) months (“Renewal Term”). It is agreed between the Parties that the Fees for the Renewal shall increase by (i) the consumer price index as published by Statistics South Africa from time to time; (ii) the change in foreign rate of exchange as published by First National Bank from time to time; and (iii) the annual increase in the price of the Software as published by the Licensor from time to time. 2.2. At the end of the Term or any Renewal Term, the End User may give the Managed Service Provider written notice of its intention not to renew this Agreement (“Termination Notice”). Such Termination Notice must be served on the Managed Service Provider no less than 90 (ninety) days before the end of the Term or any Renewal Term.