Common use of Effect and Term Clause in Contracts

Effect and Term. 1. This Agreement is executed and effective on the date first above written. Unless terminated early in accordance with the terms of this Agreement or other agreements executed by and between the Parties, the Agreement shall be valid for ten (10) years. 2. The term of the Agreement may be extended upon written confirmation of Party A prior to the expiry. The extended term may be either ten (10) years or other terms determined by the Parties through negotiation.