Initial Term and Automatic Extensions Clause Samples
The "Initial Term and Automatic Extensions" clause defines the starting duration of an agreement and outlines how it may be automatically renewed for additional periods. Typically, this clause specifies a fixed initial term—such as one year—and states that the contract will automatically renew for subsequent terms of equal length unless one party provides advance written notice of non-renewal. Its core practical function is to ensure continuity of the contractual relationship while providing both parties with a clear process for ending or extending the agreement, thereby reducing uncertainty and administrative burden.
Initial Term and Automatic Extensions. The Employee’s employment with the Bank shall continue for an initial term of two (2) years from the Effective Date. On the first anniversary date of the Effective Date, the term of the Employee’s employment shall be automatically extended for an additional one (1) year period, so that the remaining term is again two (2) years, unless, no later than thirty (30) days prior to such first anniversary date, the Bank, on the one hand, or the Employee, on the other hand, shall give written notice to the other to the effect that the term shall not be so extended. If the term shall be so extended for such additional one-year period, thereafter it shall be automatically extended for additional successive one-year periods unless and until any such notice of non-extension shall be given no later than thirty (30) days prior to the next succeeding anniversary date of the Effective Date. If any such notice of non-extension shall be given, then the term of the Employee’s employment hereunder shall terminate on the first succeeding anniversary date from such next succeeding anniversary date, unless earlier terminated pursuant to the terms of this Agreement.
Initial Term and Automatic Extensions. Except as provided in subsection (b) below, this Agreement shall terminate three (3) years from the date of this Agreement (the "Initial Term"); provided, however, that in the event that neither Executive nor the Company (acting through its Board of Directors) has given the other party written notice at least 180 days prior to the expiration of the Initial Term of such party's desire not to extend this Agreement then, upon the expiration of the Initial Term (and provided that this Agreement has not otherwise been terminated pursuant to the provisions of subsection (b) below) this Agreement shall automatically be extended for a period of one (1) year. This Agreement shall continue thereafter to be automatically extended for successive one (1) year periods unless and until (i) Executive or the Company gives the other party written notice at least 180 days prior to the expiration of any one (1) year extension period of such party's desire not to further extend this Agreement, or (ii) this Agreement is otherwise terminated pursuant to the provisions of subsection (b) below.
Initial Term and Automatic Extensions. The initial term of ------------------------------------- employment under this Agreement (the "Term") shall be for a period commencing on the Effective Date and ending on December 31, 2002. The Term of this Agreement shall be automatically extended for a one year period unless written notice of non-extension is provided by either party to the other party at least 90 days prior to the expiration of the Term.