AUTHORIZATION AND TERM OF AGREEMENT 5-Year Performance Period Sample Clauses

AUTHORIZATION AND TERM OF AGREEMENT 5-Year Performance Period. Both parties enter into this agreement for a period of 5 years beginning on the day following Service ratification, with four annual modification options within the 5-year performance period to update significant changes in the partnership. Both parties expect that the terms in this agreement will be renewed every 5 years so that they will not expire.
Sample 1
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AUTHORIZATION AND TERM OF AGREEMENT 5-Year Performance Period. Both parties enter into this Agreement for a period of five (5) years beginning on the day following Service ratification, unless earlier terminated as permitted under this Agreement, with four annual modification options within the 5-year performance period to update significant changes in the partnership. An annual review and the exercise of the modification option shall take place at the conclusion of each of the first four years in the performance period, with a meeting to review, modify and sign a renewal agreement taking place at the conclusion of the five year term, as set forth in Section IV.B. Both parties expect that the terms in this Agreement, as modified, will be renewed every five (5) years so that they will not expire, provided, however, that each party shall have the rights of non-renewal and termination set forth in this Agreement. Agreement Renewal: Each time the Agreement is up for its 5-year renewal, the Project Leader, as designated in Section XI of this Agreement, and the Friends Executive Director or President will meet to review, modify, and sign the Agreement for an additional five-year performance period. The template Friends Partnership Agreement is pre-approved by the Service’s Solicitor’s office. Regional Solicitor review is not required unless the Regional office determines if additional Regional Solicitor review is necessary. To become effective, the Regional Director (or designee) must review, approve, and sign the Agreement. Any revisions by the Regional Solicitor and/or the Regional Director to the modified Agreement agreed upon by the parties shall be subject to the mutual review and approval of both parties. 501(c)3
Sample 1

Related to AUTHORIZATION AND TERM OF AGREEMENT 5-Year Performance Period

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  • COMMENCEMENT AND TERMINATION OF AGREEMENT 18 4.1 Term 18 4.2 Effect of Termination on Obligations; Survival 19 4.3 Mutual Termination 19 4.4 Early Termination 19

  • TERM OF AGREEMENT AND RENEWAL The Agreement shall remain in effect from the date of execution hereof through the expiration of a one year period, and may be renewed upon the mutual consent of the Parties.

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