Common use of Duration, Notification, and Replacement Clause in Contracts

Duration, Notification, and Replacement. (a) Such appointments shall be for a one (1) year term, and shall be made on an annual basis, effective January 1st. Notwithstanding the foregoing, each appointing party reserves the right to alter its appointment(s) at any time, and for any reason. (b) The JTB shall be notified, in writing, of all appointments. If no such written notification is provided by January 1st of any calendar year, the appointments from the previous year shall be deemed to continue. (c) In the event an appointment is required mid-term as a result of a Trustees’ death or resignation, or such other reason as the appointing party may deem appropriate, then such appointment shall be for the period through December 31st of the calendar year in which it was made.

Duration, Notification, and Replacement. (a) Such appointments shall be for a one (1) year term, and shall be made on an annual basis, effective January 1st151. Notwithstanding the foregoing, each appointing party Party reserves the right to alter its appointment(s) at any time, and for any reason. (b) The JTB shall be notified, in writing, of all appointments. If no such written notification is provided by January 1st of any calendar year, the appointments from the previous year shall be deemed to continue. (c) In the event an appointment is required mid-term as a result of a Trustees’ ' death or resignation, or such other reason as the appointing party Party may deem appropriate, then such appointment shall be for the period through December 31st of the calendar year in which it was made.