Legal Question in Business Law in California
Does a contract have a defined life after which it needs to renewed by the parties involved?
2 Answers from Attorneys
It depends on the terms of the contract and the status of the parties' performance. An attorney would need a lot more information to make any analysis on something like that.
Generally contracts have a section called "Terms" which will provide details on the contract's duration. Also, if not already included under the "Terms," the contract will provide additional details whether the Terms is subject to automatic renewal or how Termination shall be established.
If the contract does not mention the "Terms," then the life of the contract can be establish either by law or standard in the industry.
If you have additional questions, feel free to contact me or an attorney in your area.
Goodluck,
Jim Betinol
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