COMMITMENT AND TERM Clause Samples
The 'Commitment and Term' clause defines the duration and binding nature of the agreement between the parties. It typically specifies when the agreement begins, how long it will remain in effect, and under what conditions it may be renewed or terminated. For example, it may state that the contract is valid for one year from the effective date and automatically renews unless either party provides notice of termination. This clause ensures both parties are clear on their obligations' timeframe, preventing misunderstandings about when responsibilities start and end.
COMMITMENT AND TERM. UBE shall from time to time submit purchase orders (each, a “Purchase Order”) to HR for purchases of the Distiller’s Grains, all upon and subject to the terms and conditions of this Restated Agreement, with each such Purchase Order to be placed by UBE properly completing and executing a Purchase Order form in either the form of Exhibit “A” or Exhibit “B” to this Restated Agreement or other form acceptable to HR. The terms of any Purchase Order may include a request for the sale and delivery of Distiller’s Grains on a one-time basis or on a daily, weekly, monthly or other periodic basis. A Purchase Order submitted in the form of Exhibit “B” to this Restated Agreement may take the form of UBE submitting to HR a proposed minimum F.O.B. Plant Price (as that term is defined in Section 2) UBE Customers (as the term is defined in Section 2 of this Restated Agreement) for DDG and/or WDG (the “Posted Price”) which will be effective for the day, week, month or other period of time set forth in the Purchase Order (in any such case, the “Posted Price Sales Period”), along with a proposed maximum number of tons of DDG and/or WDG (the “Maximum Posted Price Tons”) which may be sold at the Posted Price at any time during, and for pick-up by UBE during, the Posted Price Sales Period. Any such Purchase Order is referred to in this Restated Agreement as a “Posted Price Purchase Order”. All references to “Purchase Order” in this Restated Agreement shall include Posted Price Purchase Orders. Each Purchase Order shall be irrevocable by UBE, unless and until the time at which the particular Purchase Order becomes a Rejected Purchase Order (as that term is defined below). UBE and HR shall reasonably cooperate in attempting to schedule weekly or other periodic meetings at the Plant or by phone or other communications methods for purposes of discussing any Purchase Order UBE desires to submit to HR, but no such Purchase Order shall become effective unless and until such Purchase Order has both been submitted in writing by UBE in the form of either Exhibit “A” or Exhibit “B” to this Restated Agreement or other form acceptable to HR and such Purchase Order has been accepted by HR. Notwithstanding any term or condition of this Restated Agreement or otherwise which may appear to be to the contrary, HR may accept or reject each Purchase Order, in whole, but not in part, in HR’s commercially reasonable discretion. HR shall notify UBE of whether HR accepts or rejects each particular Purch...
COMMITMENT AND TERM. Subject to the terms of this Agreement, UBEI hereby agrees to sell, and EKAE hereby agrees to purchase, all Raw Grains required for ethanol production at the Plant. The initial term of this Agreement shall be for five (5) years. The parties shall execute a memorandum setting forth the actual date of commencement of the term, which shall be approximately 6 months before substantial completion of the Plant. Unless earlier terminated in accordance with this Agreement, this Agreement shall be automatically renewed for successive one (1) year terms thereafter unless either party gives written notice to the other party of its election not to renew, not later than ninety (90) days prior to the expiration of the then current term.
COMMITMENT AND TERM. Subject to the terms and conditions of this Agreement, the Seller shall sell and the Purchaser shall purchase and accept in rail cars at the Purchaser's Chalk Point, Dick▇▇▇▇▇ ▇▇▇/or Morgantown Generating Stations coal meeting the quality specifications set forth in Article 2.
(a) The term of this Agreement shall be one (1) year, commencing on January 1, 1999 and ending at midnight December 31, 1999, unless terminated sooner, as set forth in this Agreement, or otherwise extended at the sole unilateral option of the Purchaser as set forth in Subsection (b).
COMMITMENT AND TERM. Subject to the terms of this Agreement, AE hereby agrees to sell, and UBE hereby agrees to purchase, all Distiller’s Grains produced at the Plant. The initial term of this Agreement shall be for two (2) years, commencing on the date that the Plant begins operations to produce ethanol. The parties shall execute a memorandum setting forth the actual date of commencement of the term. This Agreement shall be automatically renewed for successive one (1) year terms thereafter unless either party gives written notice to the other party of its election not to renew, not later than ninety (90) days prior to the expiration of the initial term of the then current renewal term, as the case may be.
COMMITMENT AND TERM. Subject to the terms of this Agreement, FREMAR LLC hereby agrees to sell and deliver, and Millennium hereby agrees to purchase and receive, Corn required for ethanol production at the Plant. Millennium hereby further agrees that during the initial term and any renewal term corn or grain products used to produce ethanol at the Plant shall be purchased from FREMAR LLC. The initial term of this Agreement shall be for five (5) years, commencing on the date of written notification by Millennium to FREMAR LLC to proceed, but not later than after the date the Plant begins producing ethanol. The parties shall execute a memorandum setting forth the actual date of commencement of the term. This Agreement shall be automatically renewed for successive one (1) year terms thereafter unless either party gives written notice to the other party of its election not to renew, not later than six (6) months prior to the expiration of the then current term. This Agreement shall automatically terminate if Millennium permanently abandons its efforts to construct the Plant.
COMMITMENT AND TERM. By accepting a seat on the CEC, each CEC Member agrees to participate in the CEC’s activities described herein, through its appointed Member Representative (if the CEC Member is not an individual in which case the CEC Member will be the Member Representative) in a way that promotes achievement of the OEC’s stated mission. The term of each CEC Member’s seat on the CEC will be three (3) years, except as provided below. A CEC Member may not apply for readmission to the CEC during that term or for one year following its expiration or termination. Notwithstanding the foregoing:
3.3.1 Landmark’s seat on the CEC does not expire.
3.3.2 A CEC Member may withdraw from the CEC, effective no earlier than one year after joining the CEC, by giving at least ninety (90) days’ notice to the CEC chairperson.
3.3.3 The CEC may dismiss any CEC Member that fails to fulfill its participation commitment described in this Section 3.3 and does not cure such failure within sixty (60) days of notice from the CEC chairperson.
3.3.4 In the event a CEC Member Representative changes roles, the CEC Member will solely determine if CEC representation should transfer, or remain with the individual, and shall notify CEC chairperson accordingly.
3.3.5 In no event may any Member and all of its Affiliates collectively have more than one voting seat or more than one voting Member Representative on the CEC (thus the non-voting Chairperson may be a Member from the same organization as a voting CEC Member). Accordingly, if two or more CEC Members become (or are to become) Affiliates due to a merger, acquisition, reorganization, or comparable transaction, all but one of those CEC Members must withdraw from the CEC by the effective date of the transaction; otherwise, the CEC may dismiss any of them from the CEC.