What is the length of the renewal term for an Engel & Volkers franchise agreement?

rance agents, brokers, attorneys or other insurance advisors to determine the level of insurance protection it needs and desires, in addition to the coverage and limits required by Franchisor. Franchisor's

review and verification of certain elements of Franchisee's insurance does not in any way reduce or eliminate Franchisee's obligations to fully comply with all insurance requirements. It is Franchisee's sole obligation to fully comply with these insurance requirements and it is Franchisee's sole obligation to confirm with its insurance providers that its policies are in compliance.

19. Duration of Agreement

• 19.1 Initial Term: This Agreement shall commence as of the Effective Date and shall run for a period extending for ten (10) years, unless sooner terminated in accordance with the provisions of this Agreement (the "Initial Term"); provided, that any duties or obligations that, by their nature, would survive termination or expiration (such as indemnification obligations) shall survive termination or expiration.
• 19.2 Renewal Term: On the terms and conditions listed below, and so long as Franchisee is not in default under this Agreement at the end of the Initial Term, Franchisee will have the right, but not the obligation, to enter into one (1) successor franchise agreement with Franchisor, to supersede this Agreement and commence immediately after the Initial Term of this Agreement, for one term of ten (10) years (the "Renewal Term"); provided, that any duties or obligations that, by their nature, would survive termination or expiration shall survive:
  • 19.2.1 Franchisee must serve written notice of its intention to renew on Franchisor not less than six (6) months prior to the scheduled date of expiration of the Initial Term;

Source: Item 22 — CONTRACTS (FDD page 88)