Common use of Future Agreement Clause in Contracts

Future Agreement. The City may, no later than one (1) year prior to the end of the Term, provide Notice to the Region that the City wishes to negotiate an agreement with the Region to Manage the Facilities for an additional period. If the Region (a) is satisfied with the performance of the City to the date of the Notice, and (b) does not intend to Manage the Facilities itself, the parties will commence negotiations for an agreement for an additional period. If the parties are unable to agree on the terms and conditions of a further agreement prior to six (6) months before expiry of the Term, neither party will have any obligation to continue negotiations and the Region may enter into any agreement with any person to Manage the Facilities. The City acknowledges and agrees that nothing herein confers any right of renewal or extension of this Agreement.