Evergreen

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Evergreen

A contract that rolls over after each agreed (short-term) period until cancelled by one party.

Evergreen

Describing a long-term contract that is renewed automatically after a short-term period unless it is terminated. For example, an evergreen contract may last five years with an option to terminate at the end of one year. Unless one party or the other terminates the contract by the end of the first year, it is renewed for an additional five years after the end of the first five years.
References in periodicals archive ?
So legal counsel needs to look through that document and make sure that if there is an evergreen clause, that it's been detected and identified and all parties put on notice of it," Wahner advises.
Additionally, because many letters of credit contain the evergreen clause and thus automatically renew, there is also no annual paperwork burden.
Under the evergreen clause, the negotiations must meet National Labor Relations Board standards for an impasse before the union can legally strike or call a boycott.
Bullock's contract from automatically renewing because of an evergreen clause in the contract.