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An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
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In membership organizations, or voluntary associations, there may be criteria for becoming a member and maintaining membership. Such criteria may include payment of dues or attendance of meetings. Failure to meet these criteria may result in loss of "good standing" within the organization or loss of membership in the organization altogether.
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