TERM OPTIONS. The term of this Agreement shall commence on the date the product is first delivered and shall expire ten (10) years after the Effective Date; with Operator and/or Supplier having options to renew for (1) successive period of (10 ) years on the same terms and conditions contained herein, for a total of (20) years, if the options are taken by Operator/ and/or Supplier. Should Operator and/or Supplier renew for any additional term then said additional term shall be the same terms and conditions contained herein. Operator and/or Supplier shall exercise its option to renew for any additional (10 ) year term by sending Operator and/or Supplier written notice of the same within ninety (90) days, but before the expiration of the first renewal term.
Appears in 3 contracts
Sources: Wood Fuels Supply Agreement (Green Power Energy Holdings Corp), Tire Derived Fuel Supply Agreement (Green Power Energy Holdings Corp), Wood Fuels Supply Agreement (Green Power Energy Holdings Corp)