These processes differ depending on the contract term or contract value. The definitions below are provided to assist in the determination of this information. The expected length of time from the beginning to the end of the contract, if the University takes no action on its part to either extend or reduce the contract's length, by evoking cancellation or renewal provisions. Contract term commences on a specified date and terminates on a specified date . The value of the contract is calculated as the total of the stated costs for the specified time period.
Contract is for a specified period, unless cancelled.
Because no action is required for the contract to continue, it must be assumed that the contract will run its full period. The value is calculated as the total of contract costs for the entire period. Contract is for a stated period, and can be renewed for subsequent periods by written notification. Because action is required on the part of the University to renew the contract, the value of the original contract is calculated up to the first renewal. Each subsequent renewal period is valued as an individual contract.