Common use of Term and Renewal of Agreements Clause in Contracts

Term and Renewal of Agreements. The Agreement with TIPS is for two (2) years with an option for renewal for additional two (2) consecutive one- year terms years. Term of Agreement and Renewals The Agreement with TIPS is for approximately two (2) years with an option for renewal for an additional two (2) consecutive one (1) year terms if both parties agree. TIPS may or may not exercise the available extension(s) provided in the original solicitation beyond the base term. Whether or not to offer the extension is at the sole discretion of TIPS. “Start Date” for Term Calculation Purposes Only: Regardless of actual award/effective date of Contract, for Agreement “term” calculation purposes only, the Agreement “start date” is the last day of the month that Award Notifications are anticipated as published in the Solicitation Example: If the anticipated award date published in the Solicitation is August 27, but extended negotiations delay award until September 24, the end date of the resulting initial “two-year” term Agreement, (which is subject to an extension(s)) will still be August 31, 2022.