The expiry clause defines the period during which the contract is effective, subject to prior termination, in accordance with its conditions. Not all agreements have a defined duration (e.g.B. purchase and sale contracts). But many of those who do also give one or two parties the right to extend the agreement with one or more additional terms. Option of [PARTY A]. Upon expiration or termination of this Agreement, [PART A] of [PARTY B] may acquire some or all of the assets [PART B] used in connection with the franchise. If you decide that the term expires on a single condition, make sure that you clearly define the condition, either in that clause or in a separate schedule of the agreement. If the agreement contains the right to renew, make sure that the conditions for renewal are clearly defined. .