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Article 3 – Duration and termination of Agreement
3.1 This Agreement shall be effective from 1.1.2012 (hereinafter referred to as the “Effective Date") and shall terminate on the same date three (3) years thereafter (hereinafter referred to as the “Initial Term").
After the Initial Term, the Parties may agree to extend this Agreement for a further period of three (3) years by a mutual written consent made at least six (6) months before the end of such Initial Term. If no mutual written consent to renew this Agreement is reached by the end of the said point of time, this Agreement shall terminate without need for a written notice upon expiration.
3.2 The Parties may agree in writing, prior to the signing of this Agreement, that the first twelve (12) months following the Effective Date be considered a trial period. In such instance, each Party may terminate the contract by a written notice sent within the end of the last month of such trial period.
3.3 Neither Party shall be required to pay any compensation to the other Party as a result of contract termination, or for any losses suffered by such Party due to contract termination.
Sale prices granted to Distributor, as agreed from time to time by the Parties, shall be deemed, in case of controversy, to include an all-inclusive remuneration comprehensive of all and any indemnities, remunerations or compensations payable or that may become payable in the future because of contract termination. Any rights to indemnities, remunerations or compensations of any sort, as a result of contract termination, for whatever reason this may be, are hereby formally waived by Distributor notwithstanding any contrary norm or regulation that may apply or become applicable in the future.