Common use of Option to Extend Initial Term Clause in Contracts

Option to Extend Initial Term. Upon the mutual written agreement of the parties, the Term may be extended. Neither party shall be under any obligation to agree to an extension of the Term. In the event the parties mutually agree to an extension under this Subsection 2.1, the Term shall be deemed to end on the date as agreed amount the parties. “Term” shall include the initial term and any extension thereof.

Option to Extend Initial Term. Upon the mutual written agreement of the parties, the Term may be extended. Neither party shall be under any obligation to agree to an extension of the Term. In the event the parties mutually agree to an extension under this Subsection 2.1, the extended Term shall be deemed to end on the date as agreed amount the parties. “Term” shall include the initial term and any extension thereof.