Common use of Duration & Option to Renew Clause in Contracts

Duration & Option to Renew. 2.1 Where applicable, the Agreement shall commence and expire on the dates stated in Section 1 (unless otherwise stated in the Notification Letter) (“Term”) with an option for the Institution to extend the Agreement for a further period from its expiry (“Extended Term”) on the terms and conditions herein including Contract Price save for this option, as stated in Section 1 (unless otherwise stated in the Notification Letter). 2.2 Each Transaction Schedule shall be for a period as may be specified in the Transaction Schedule and agreed by the Contractor and the Institution in writing provided that the expiry date cannot exceed the Term or Extended Term of this Agreement whichever the case may be. 2.3 The Institution shall have the option to renew the duration of any one or more of the relevant Transaction Schedule for a further period specified in Paragraph 5.2 of the Transaction Schedule(s) at charges no higher than that specified in the relevant Transaction Schedule(s), provided that such option is exercised before the expiry date of the relevant Transaction Schedule(s) and provided that the new expiry date cannot exceed the expiry date of the Term or Extended Term of this Agreement whichever the case may be.

Duration & Option to Renew. 2.1 Where applicable, the Agreement shall commence and expire on the dates stated in Section 1 (unless otherwise stated in the Notification Letter) (“Term”) with an option for the Institution to extend the Agreement for a further period from its expiry (“Extended Term”) on the terms and conditions herein including Contract Price save for this option, as stated in Section 1 (unless otherwise stated in the Notification Letter). 2.2 Each Transaction Schedule shall be for a period as may be specified in the Transaction Schedule and agreed by the Contractor and the Institution in writing provided that the expiry date cannot exceed the Term or Extended Term of this Master Agreement whichever the case may be. 2.3 The Institution shall have the option to renew the duration of any one or more of the relevant Transaction Schedule for a further period specified in Paragraph 5.2 of the Transaction Schedule(s) at charges no higher than that specified in the relevant Transaction Schedule(s), provided that such option is exercised before the expiry date of the relevant Transaction Schedule(s) and provided that the new expiry date cannot exceed the expiry date of the Term or Extended Term of this Master Agreement whichever the case may be.

Duration & Option to Renew. 2.1 Where applicable, the Agreement shall commence on the Effective Date and shall expire on the dates date stated in Section 1 (unless otherwise stated in the Notification Letter) Letter of Award (“Term”) with an option for the Institution to extend the Agreement for a further period from its expiry (“Extended Term”) ), on the terms and conditions herein including Contract Price save for this option, as option stated in Section 1 (unless otherwise stated in the Notification Letter)Letter of Award. 2.2 Each Transaction Schedule shall be for a period as may be specified in the Transaction Schedule and agreed by the Contractor and the Institution in writing provided that the expiry date cannot exceed the Term or the Extended Term of this Agreement whichever the case may be. 2.3 The Institution shall have the option to renew the duration of any one or more of the relevant Transaction Schedule for a further period specified in Paragraph 5.2 of the Transaction Schedule(s) at charges no higher than that specified in the relevant Transaction Schedule(s), provided that such option is exercised before the expiry date of the relevant Transaction Schedule(s) and provided that the new expiry date cannot exceed the expiry date of the Term or the Extended Term of this Agreement whichever the case may be.