Common use of Term for Services Clause in Contracts

Term for Services. (a) The Service Contractor must commence performing the Services on the Commencement Date and continue to perform the Services until the earlier of the expiry of the Term or the date upon which this Contract is terminated. (b) On the first anniversary of the Commencement Date, the Service Contractor must provide a binding letter of offer, capable of acceptance by the Principal, on the following terms: (i) Revised pricing for all Services to be supplied pursuant to this Contract; and (ii) A revised Term being the period of 6 years from the first anniversary of the Commencement Date, (“Offer"). This Offer is to remain open for acceptance by the Principal, at its absolute discretion, for a period of 90 days. Upon acceptance by the Principal, the Term shall be read as being accordance with the term of the Offer in this clause. Upon rejection by the Principal, the Term shall remain unaffected.

Term for Services. (a) The Service Supply Contractor must commence performing the Services on the Commencement Date and continue to perform the Services until the earlier of the expiry of the Term or the date upon which this Contract is terminated. (b) On the first anniversary of the Commencement Date, the Service Supply Contractor must provide a binding letter of offer, capable of acceptance by the Principal, on the following terms: (i) Revised pricing for all Services to be supplied pursuant to this Contract; and (ii) A revised Term being the period of 6 years from the first anniversary of the Commencement Date, (“Offer"). ”) This Offer is to remain open for acceptance by the Principal, at its absolute discretion, for a period of 90 days. Upon acceptance by the Principal, the Term shall be read as being accordance with the term of the Offer in this clause. Upon rejection by the Principal, the Term shall remain unaffected.