Provision Language
2. Term
2.1 The term of this Agreement is necessary for the completion of its Object, estimated in twelve (12) months (“Term”), counted from the date of its execution.
2.2 The Term may be extended for the time necessary for the completion of the Object, provided that it is justified and upon execution of an amendment to the Agreement.
2.3 The extension of the Term will be formalized by means of an addendum to be signed by the Parties, provided that:
I – Contracting Parties are interested in the continuity of the execution of the Object, based on the technical and financial evaluation carried out by the Steering Committee prior to the end of the Term; and
II – the initial conditions for enabling Contractor are maintained.
2.4 Considering the difficulty of defining in advance with precision the necessary duration for the execution of the research, development and innovation activities, the initial and final stages terms of the RD&I Project may be changed, as long as requested and justified in advance by one of the Parties.
2.5 As long as they do not entail an extension of the total Term of the Agreement, changes to the initial and final terms of the RD&I Project stages are independent of the execution of an amendment and review by the Contracting Parties’ Law Department, and must be formalized, in a simplified and quick manner, by a draft of the original RD&I Project.