Common use of Purchase Term Clause in Contracts

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 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.