Common use of Term of Agreement and Renewals Clause in Contracts

Term of Agreement and Renewals. The Agreement with TIPS is for approximately one-year and two months to expire on November 30, 2023 with an option for renewal for an additional one consecutive year. If TIPS offers the renewal extension year, the Vendor will be notified by email to the primary contact of the awarded Vendor and shall be deemed accepted by the Vendor unless the awarded Vendor notifies TIPS of its objection to the additional term in writing. TIPS may or may not exercise some or all of the available extension(s) provided in the original solicitation beyond the November 30, 2023 expiration date. Whether or not to offer some or all of the extension is at the sole discretion of TIPS. Example: In this example, if the set termination date of the contract is November 30, 2023, if TIPS offers a one- year extension, the expiration of the extended term shall be November 30 2024 unless otherwise specified. TIPS may offer to extend Vendor Agreements to the fullest extent the original Solicitation permits.