Organization and Term Clause Samples
The "Organization and Term" clause defines how the contractual relationship is structured and specifies the duration for which the agreement will remain in effect. Typically, this clause outlines the official start date of the contract, the initial term length, and any provisions for renewal or extension. For example, it may state that the agreement begins on a certain date and continues for one year, with automatic renewal unless either party provides notice of termination. Its core function is to provide clarity on when the contract is active and how long the parties are bound by its terms, thereby preventing misunderstandings about the agreement's validity period.
Organization and Term. Section 2.1 - Formation ..................................................10 Section 2.2 - Further Documentation ......................................10 Section 2.3 - Term .......................................................11 Section 2.4 - Registered Agent and Office . ..............................11 Section 2.5 - Principal Place of Business ................................11 ARTICLE III - PURPOSE AND POWERS OF THE COMPANY Section 3.1 - Purpose .................................. .................11 Section 3.2 - Powers of the Company ......................................11 Section 3.3 - Tax Status of Company ......................................12 ARTICLE IV - MEMBER'S CAPITAL CONTRIBUTIONS AND INTERESTS Section 4.1 - Capital Contributions ......................................12 Section 4.2 - Percentage Interests .......................................12 Section 4.3 - Additional Contributions ...................................12 Section 4.4 - Withdrawals and Interest ...................................13 Section 4.5 - Return of Capital ..........................................13 Section 4.6 - Capital Accounts ...........................................13 Section 4.7 - Liability ..................................................15 ARTICLE V - MANAGEMENT OF THE COMPANY Section 5.1 - Management .................................................16 Section 5.2 - Indemnity ..................................................18 Section 5.3 - Reliance and Authority of Manager ..........................18 Section 5.4 - Service Fees ...............................................18 Section 5.5 - Limitation on Compensation of Manager or Affiliate Thereof ..........................................18
Organization and Term. Section 2.1
Organization and Term. Section 2.01. Formation 1 Section 2.02. Name 1 Section 2.03. Registered Office and Agent 1 Section 2.04. Title to Company Property 1 Section 2.05. Term 1 Section 2.06. Principal Place of Business; Business Records 1 Section 2.07. Effective Date 2 Section 2.08. Other Instruments 2
Organization and Term. 12 Section 2.1 Formation ....................................................12 Section 2.2 Name of Company ..............................................12 Section 2.3
Organization and Term