Common use of Valid Term Clause in Contracts

Valid Term. 8.1 Both parties acknowledge that this Contract constitutes the entire agreement of both Parties with respect to license of Patent and the Technology, and replaces all prior agreements, contracts, memorandums, documents and discussion with respect to the license of the Patent and the Technology. The Patent Technology Use Right Transfer Agreement signed by both parties as of October 1, 2008, shall be terminated on the effective date of this Contract. 8.2 This Contract shall be effective upon the execution by the Licensor and the Licensee. The license under this Contract can be traced back to the date of initiative use by Licensee. The term of this Contract shall terminate on the earliest of the following: (1) expiration of the Patent; (2) the Patent is terminated before expiration; or (3) bankruptcy of the Licensee, or Licensee is subject to a winding up or dissolution.