Common use of CONTRACT TERM AND EXTENSIONS Clause in Contracts

CONTRACT TERM AND EXTENSIONS. The Piggyback Contract term shall commence after all necessary approvals and shall become effective upon the date of OSC approval of the final executed documents. All OGS Centralized Contracts resulting from this Piggyback Award shall have a co-terminus end date and shall end upon the expiration or termination of the Master Contract, subject to OGS’ right to terminate the Piggyback Contract as provided herein. It is the intent of the Parties that the term of this Piggyback Contract be coterminous with the term of the Master Contract; accordingly, the term of this Piggyback Contract shall be deemed extended whenever the term of the Master Contract is extended, without the need for the Parties to execute an extension or amendment to this Piggyback Contract. Any Contract extension will be under the same terms and conditions, subject to any additional applicable statutory and policy requirements. Upon expiration of the Master Contract, Contractor may submit any subsequent replacement contracts entered into for the same or similar products with the same issuing entity to OGS, in order to establish a new or renewed contract. In the event Contractor's Master Contract expires and no new contract is let by the original issuing entity, OGS reserves the right, upon written agreement with Contractor, to renew the New York State Contract under the same terms and conditions for an additional period of one (1) year.