Common use of Term, Termination and Modification Clause in Contracts

Term, Termination and Modification. The term of this Understanding shall be for one year, beginning on , 20 , and ending on , 20 , unless sooner terminated. However, this Understanding shall automatically renew for an additional one-year term, unless ACOG or the RTA notifies the other, in writing, of its intention not to allow this Understanding to renew, at least thirty days prior to the beginning of the renewal term. Either ACOG or the RTA may terminate this Understanding, at any time, with or without cause, by giving sixty days advance written notice one to the other. The parties may modify or amend this Understanding, only by written agreement adopted by the ACOG Council and the RTA Board.