Common use of Renewal of the Agreement Clause in Contracts

Renewal of the Agreement. 120 days before the expiration of the agreement, either party to the agreement should notify the other party in writing whether they wish to renew this agreement. If both parties reach unanimity through consultation, this agreement will be renewed. The failure of either party to notify the other party within the prescribed time limit will be regarded as its termination of this agreement, and the other party is entitled to take any measures without assuming any liability for breach of agreement.