Common use of Duration of the contract Clause in Contracts

Duration of the contract. 7.1. The current agreement is concluded for a period of 1 year and comes into force at the moment of its signing. The agreement is automatically extended for one more year, unless otherwise agreed by the parties. 7.2. After the expiration, the agreement will be automatically renewed, unless otherwise agreed by both parties. 7.3. The parties may terminate the agreement before the expiration date by notifying the other party in writing, one month before the planned termination date. 7.4. At its discretion, the company may cease the fulfillment of obligations without prior notification after the client‘s delay in paying the invoice.