Purchase Term Clause Samples
The Purchase Term clause defines the specific duration during which a buyer is entitled to purchase goods or services under the agreement. It typically outlines the start and end dates of the purchasing period, and may specify conditions for renewal or extension. By clearly establishing the timeframe for purchases, this clause ensures both parties understand their obligations and helps prevent disputes over when orders can be placed or fulfilled.
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Purchase Term. A. The term during which Buyer may issue Purchase Orders for Product under this Agreement ("Purchase Term") will begin on April 20, 1998 and end three (3) years after the date of the sale and shipment of the first production unit from Contractor to Buyer. Production units shall be defined as units which are released and manufactured to Revision A level drawings by the Contractor. This Agreement governs Purchase Orders issued by Buyer during the Purchase Term and any extension so long as Buyer has requested that the Product be delivered within two (2) months beyond the end of the Purchase Term or any extension.
B. The Purchase Term will be extended automatically for one (1) year increments after the initial three (3) year term. Written notice not to extend the Agreement by either party is to be provided three (3) months in advance of completion of current Agreement term or extension.
Purchase Term. The "Purchase Term" shall mean the three (3) year period that begins on the date the first order for Products is shipped after the date first appearing above. In the event that neither party gives the other written notice six (6) months prior to the end of the initial three (3) year Purchase Term, the Agreement shall automatically be extended so that after the end of the initial Purchase Term the Agreement may be terminated only upon six (6) months prior written notice by Lannett or Novopharm to the other. In the event that the market does not support the agreement either party may cancel the agreement by giving the other party one hundred and eighty (180) days written notice.
Purchase Term. The "Purchase Term" shall mean the five (5) year period that begins on the date the first order for Products is shipped after the date first appearing above. In the event that neither party gives the other written notice six (6) months prior to the end of the initial five (5) year Purchase Term, the Agreement shall automatically be extended so that after the end of the initial Purchase Term the Agreement may be terminated only upon six (6) months prior written notice by Lannett or MOVA to the other.
Purchase Term. The term of this Agreement shall commence as of the Commencement Date and shall remain in effect until the first to occur of: (a) the exercise by Purchaser of the option to prepay the Purchase Price under Article XI, (b) the occurrence of an Event of Nonappropriation in accordance with Section 6.04, or (c) the payment by Purchaser of all sums required to be paid by Purchaser hereunder.
Purchase Term. The "Purchase Term" shall mean the five (5) year ------------- period that begins on the date the first order for Product is shipped after the Approval Date.
Purchase Term. The period of time from the Commercial Operation Date until the end of thirty (30) years after the Commercial Operation Date.
Purchase Term. The Purchase Term shall be from [insert relevant time period] (the “Start Date”) to [insert relevant time period] (the “End Date”), or the date on which the Contract is terminated in accordance with its terms, if earlier (inclusive).
Purchase Term. The "Purchase Term" shall mean the shorter of the one-hundred twenty (120) month period that begins on the Commencement Date, or the date this Supply Agreement is terminated in accordance with its terms. In the event that neither Party gives the other written notice at least six (6) months prior to the end of the initial one-hundred twenty (120) month Purchase Term, the Supply Agreement shall automatically be extended for successive sixty (60) month terms.
Purchase Term. The "Purchase Term" shall mean the [ * ] period that begins on the date this agreement is signed. In the event that neither party gives the other written notice [ * ] months prior to the end of the initial [ * ] Purchase Term, the Agreement shall automatically be extended for successive [ * ] terms.
Purchase Term. 2.1 The Purchase Term shall commence on the Start Date specified in the Order Details, or in the absence of such date being specified, on the date of Acceptance of the Core Equipment by the Authority.
2.2 Subject to clause 2.3 and clause 4.4 of these Purchase Plan Terms and Conditions, the Purchase Term shall expire immediately after the End Date, unless the Contract is terminated in accordance with its terms, in which case, the Purchase Term will terminate on the effective date of the termination of the Contract.
2.3 In the event that the Order Details specify that the Authority may terminate the Purchase Term at will the Purchase Term will terminate on the Authority giving notice in accordance with the Order Details; and
2.4 The parties shall comply with their obligations specified in the Order Details as arising in the event of expiry or termination of the Purchase Term, including without limitation in respect of return of the Core Equipment (if applicable). Revision: 7 August 2017 Page 62 of 70
2.5 For the avoidance of doubt, the expiry or termination of the Purchase Term shall be without prejudice to:
2.5.1 any right of the Authority to receive title to the Core Equipment, provided that the Authority shall comply with its obligations specified in the Order Details (if any) in respect of receiving such title; or
2.5.2 the Authority’s right to utilise any Consumables delivered by the Supplier prior to termination, in which case the Supplier shall grant to the Authority any right to use the Core Equipment reasonably required by the Authority to utilise the Consumables, provided that the Authority shall undertake such utilisation in good faith; or
2.5.3 the provision by the Supplier of any Goods or Services under the Contract which are not the Core Equipment, Consumables or Associated Services.