tacit renewal

In order to calculate the duration of the contract, as defined in points (a) and (b) of paragraph 1, any time extension resulting from tacit renewal or prolongation shall be included.

It is concluded for a period of five years from the date of its signature, and thereafter shall be prolonged annually by tacit renewal unless denounced by either party by registered letter at least six months prior to the end of a calendar year.

Regarding the duration of the delegation of power, here we very much welcome and support the idea of tacit renewal, as expressed in the report, because we found it very constructive and we can say that some solutions of this nature have already been found in several legislative files.

This agreement provided for an extension of the terms and conditions of the existing bilateral textile agreement until 31 December 2007 with a tacit renewal for one more year, in order to ensure legal certainty for textile trade until Ukraine has completed the process for World Trade Organisation accession.