Common use of Valid Term Clause in Contracts

Valid Term. 9.1 This Agreement shall take effect upon execution, and shall remain valid until December 31, 2003. 9.2 Upon mutual consent, this Agreement shall be automatically renewed for another year. Either party may notify the other party for termination thereof in writing one (1) month prior to the expiration of the valid term. 9.3 In case the parties agree to terminate this Agreement during the valid term, this Agreement shall automatically become void. 9.4 In case this Agreement fails performance due to force majeure, this Agreement shall be automatically terminated after the parties settled any existing payment. 9.5 In case either party fails to perform this Agreement for predictable reasons, the affected party shall notify the other party thereabout within five (5) working days after the realization of the reasons, and help the other party with any existing issue. In case the other party suffers any loss due to the failure of the affected party to promptly notify the other party, the affected party shall indemnify the other party for such loss.

Valid Term. 9.1 This Agreement shall take effect upon execution, and shall remain valid until December 31September 30, 20032004. 9.2 Upon mutual consent, this Agreement shall be automatically renewed for another year. Either party may notify the other party for termination thereof in writing one (1) month prior to the expiration of the valid term. 9.3 In case the parties agree to terminate this Agreement during the valid term, this Agreement shall automatically become void. 9.4 In case this Agreement fails performance due to force majeure, this Agreement shall be automatically terminated after the parties settled any existing payment. 9.5 In case either party fails to perform this Agreement for predictable reasons, the affected party shall notify the other party thereabout within five (5) working days after the realization of the reasons, and help the other party with any existing issue. In case the other party suffers any loss due to the failure of the affected party to promptly notify the other party, the affected party shall indemnify the other party for such loss.