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. Contract renews automatically for successive, but finite, periods unless terminated. Contract term is calculated as the original term plus allowable renewal periods. Contract renews automatically for successive one year periods unless terminated .