Initial Term and Additional Term Clause Samples
The "Initial Term and Additional Term" clause defines the duration of the agreement by specifying the original period it will be in effect (the initial term) and the conditions under which it may be extended (additional term). Typically, this clause outlines the start and end dates of the initial term and describes whether the agreement will automatically renew for additional terms or require explicit action by one or both parties to extend it. Its core practical function is to provide clarity and predictability regarding the contract's timeline, helping both parties understand their ongoing obligations and the process for continuing or ending the relationship.
Initial Term and Additional Term. The term of the Executive’s employment hereunder shall commence on the Effective Date, and, unless terminated earlier pursuant to Section 4 hereof, shall (i) continue for a term of three (3) years (the “Initial Term”), and (ii) thereafter be extended for additional one (1) year periods (each, an “Additional Term”), unless either party, in its discretion, provides written notice of an intention to not renew the Agreement at the end of the Term at least one hundred and twenty (120) days prior to the end of the Term. As used in this Agreement, “Term” shall refer to the Initial Term and any Additional Term.
Initial Term and Additional Term. Subject to Section 4, the -------------------------------- --------- Company hereby employs Executive, and Executive hereby accepts employment by the Company, to render services on behalf of the Company and all existing and future Affiliated Companies (as defined in Section 2.1) in the position and with the ----------- duties and responsibilities described in Section 2 for the period commencing on --------- the date of this Agreement and ending upon the fifth anniversary hereof (the "Initial Term"). Unless either party notifies the other party of its intention to terminate this Agreement, at its sole and absolute discretion, within thirty (30) days prior to the expiration of the Initial Term, this Agreement shall continue indefinitely on a yearly basis (each extended yearly term referred to as an "Additional Term"), subject to termination by either party, at its sole and absolute discretion, upon thirty (30) days' notice prior to the expiration of any such Additional Term. The Initial Term and all Additional Terms as set forth above shall be referred to as the "Employment Term." In the event that the Employment Term expires at the end of the Initial Term or any Additional Term by reason of a notice provided by the Company or by the Executive pursuant to this Section 1, the Company shall (i) pay Executive the compensation to which --------- Executive is entitled under Section 3.1(a), including any accrued vacation, -------------- through the end of the Employment Term; and (ii) reimburse Executive for any business expenses properly incurred by Executive pursuant to Section 3.3 through ----------- the end of the Employment Term. In the event that the Employment Term expires at the end of the Initial Term or any Additional Term by reason of a notice provided by the Company pursuant to this Section 1, the Company shall also pay --------- Executive the severance payment as set forth in Section 5. Thereafter, the --------- Company's obligations hereunder shall terminate. Nothing in this Section 1 shall --------- affect Executive's rights to any benefits vested as of the date of the expiration of the Initial Term or Additional Term, as the case may be (including, without limitation, stock options that have vested). Executive hereby agrees that the Company may cause the Employment Term to expire pursuant to this Section 1 without regard (i) to any general or specific policies --------- (whether written or oral) of the Company relating to the employment or terminat...
Initial Term and Additional Term. The first term of this Lease shall commence upon the closing of IOC- Tunica's purchase from Tunica Partners L.P.(the "Commencement Date"). The initial term of the Lease shall be for five years from the Commencement Date. Lessee shall have the option to renew this Lease for up to seven successive five-year terms, such that, assuming IOC-Tunica exercises all seven renewal options, then the Lease shall extend for a period of forty (40) years from the Commencement Date. Unless the Lessee shall notify the Lessor in writing that the Lessee does not desire to exercise its renewal option for a successive five-year term prior to 180 days before the termination of the initial term or any successive additional term, the Lease shall automatically be renewed for the next successive term. Each additional term shall be upon the same terms, covenants, and conditions, with the same annual rent payable, as provided in this Lease for the initial term. Lessee's rights for the extension of this Lease shall expire automatically upon the termination of this Lease for any reason, whether by expiration of the initial term or any additional term, or otherwise.