Common use of Term; Expiration Clause in Contracts

Term; Expiration. 8.01 The term of this Agreement shall begin immediately upon execution of this Agreement and shall expire sixty (60) months thereafter. 8.02 This Agreement is subject to renewal or extension by the parties; provided, however, any such renewal or extension must be agreed upon, in writing, at least six (6) months prior to the end of the initial five (5)-year term hereof and LICENSEE has satisfied the minimum performance standards of having contracted with at least 25 schools.