Fixed Term definition
Examples of Fixed Term in a sentence
During the Fixed Term and/or the Renewal Terms of this Agreement, the Parties may execute SOWs. The term of each SOW shall be defined within the SOW (“SOW Term”).
If this Agreement is a Fixed Term Lease, it shall automatically convert to a periodic tenancy upon the expiration date of the Fixed Term Lease.
Thereafter, the Agreement shall continue for successive terms of twelve months (the “Renewal Terms”) unless a Party gives written notice of termination to the other Party at least three (3) months before the end of the Fixed Term or any Renewal Term thereafter.
Renewal of the term shall be as described in Paragraph 22 of this Agreement (A Fixed Term Lease).
Termination of this Managed Services Agreement prior to the end of the Fixed Term or Renewal term or termination of a specific SOW prior to the end of the SOW Term shall be subject to termination fee equals to the one hundred percent (100%) of the payments remaining until expiry of the Fixed Term, Renewal term or SOW Term to be paid directly to XXX.XX, or to distributor/reseller, subject to section 2 above.