Common use of Effectiveness and Term of the Agreement Clause in Contracts

Effectiveness and Term of the Agreement. 5.1 This Agreement is executed and taken effect on the date written first above. Unless earlier terminated in accordance with the terms of this Agreement or determined by Party B, this Agreement shall be effective indefinitely. 5.2 In case that either Party’s business period expires, such Party shall, in a timely manner, to extend its business period to the extent such that this Agreement could be in effect and carried out on an ongoing basis. If either party’s application to extend its business term is declined, this Agreement shall be void and null when the business term of such Party expires. 5.3 The rights and obligations of both Parties under sections 3,6,7,9 and this section 5.3 shall survive after the termination of this Agreement .