Common use of Term and Extension Clause in Contracts

Term and Extension. The term of this Agreement (Term) will commence on the Effective Date and expire on ______________, 20_____, unless earlier terminated pursuant to the terms and conditions of this Agreement. This Agreement may be extended for up to _____ (__) years, by written agreement of University and Contractor.

Term and Extension. The term of this Agreement (Term) will commence on the Effective Date and expire on ______________, 20_____, unless earlier terminated pursuant to the terms and conditions of this Agreement. This Agreement may be extended for up to _____ one (__1) additional period, not exceeding two (2) years, by written agreement of University and Contractor.