Common use of Effective Term Clause in Contracts

Effective Term. This Memorandum of Understanding shall become effective on the date of its execution and shall remain effective for a period of five years. Upon the completion of this term, the Memorandum of Understanding may be reedited, upon the assent of both institutions, and such renewal shall take the form of a new Memorandum of Understanding or of a specific Agreement.

Effective Term. This Memorandum of Understanding shall become effective on the date of its execution and shall remain effective for a period of five 3 years. Upon the completion of this term, the Memorandum of Understanding may be reedited, upon the assent of both institutions, and such renewal shall take the form of a new Memorandum of Understanding or of a specific AgreementUnderstanding.

Effective Term. This Memorandum of Understanding shall become effective on the date of its execution and shall remain effective for a period of five 3 (three) years. Upon the completion of this term, the Memorandum of Understanding may be reedited, upon the assent of both institutions, and such renewal shall take the form of a new Memorandum of Understanding or of a specific Agreement. If there has not been a written renewal signed by both institutions, this Memorandum of Understanding will be terminated automatically.