OTerm Clause Samples
The OTerm clause defines the duration and expiration terms of an agreement. It typically specifies the start date, the length of the contract, and any conditions under which the agreement may be renewed or terminated. For example, it may state that the contract is valid for one year and automatically renews unless either party provides written notice of termination. This clause ensures both parties are clear on how long their obligations last and under what circumstances the agreement can end, thereby preventing misunderstandings about the contract's validity period.
OTerm. This Agreement shall become effective upon notification to the Employer of ratification by the bargaining unit and the Boards of Directors MAOF and shall remain in full force and effect, pursuant to its terms, to and including September 30, 2015 and thereafter extended on a day-to-day basis until canceled by either party upon ten (10) days' written notice.