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Open Term Sample Clauses

An Open Term clause establishes that a contract or agreement does not have a fixed end date and continues in effect until one of the parties takes action to terminate it. In practice, this means the arrangement remains ongoing, often subject to periodic review or renewal, and either party may typically end the agreement by providing a specified notice period. The core function of this clause is to provide flexibility for both parties, allowing them to adapt or exit the relationship as circumstances change, rather than being locked into a predetermined timeframe.
Open TermÌýthe term shall commence on the date of execution of this Contract, of which _3_ month shall be probation period.
Source 1Source 2Source 3See All (5)
Open Term.ÌýFrom Dec. 1st, 2010 to the date when any mandatory condition to terminate this Agreement occurs.
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Open Term.ÌýFrom [date] to the date when any mandatory condition to terminate this Agreement occurs, including a probation period of __month(s), from __ to __.
Source 1

Related to Open Term

  • Original Term The weighted average original term for the Receivables is at least 65 months.

  • Rental Period (a) Renter has the right to use the rental vehicle (“Vehicleâ€�) until the return date indicated on the Rental Agreement Summary ("Rental Period"). (b) Owner may agree to extend the Rental Period orally or in writing ("Extended Rental Period") but the overall Rental Period may never be more than 88 days. The Extended Rental Period may be subject to higher charges and/or to additional security deposit which will be disclosed to Renter prior to the extension of the Rental Period. (c) Subject to the following conditions, Renter may choose to return the Vehicle before the end of the agreed Rental Period and thereby terminate this Rental Agreement early (and the Rental Period will be reduced accordingly). (i) If Renter has prepaid the Rental Costs (as defined in section 5) to qualify for a "special offer" rate, Renter may not be entitled to any refund due to early voluntary termination. (ii) If Renter has not prepaid the Rental Costs, early termination can have an impact on the daily rates and the other applicable charges if the originally agreed daily rates and applicable charges were conditioned upon the specifics of the original Rental Period. Owner recommends that Renter verify with Owner what impact an early termination has on the Rental Costs before returning the Vehicle early.

  • Lease Year Lease Year" means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • Unbroken Vacation Period An Employee shall receive an unbroken period of vacation unless mutually agreed upon between the Employee and the Employer.

  • Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.