Glossarycontracts
Notice Period
The number of days before contract end during which a party must declare intent to renew, terminate, or renegotiate.
Notice periods are usually written into the contract''s renewal clause and run between 30 and 120 days. The shorter the notice period for the buyer, the more flexibility the buyer keeps. The longer the notice period for the vendor (their obligation to notify the buyer), the more time the buyer has to decide. The most buyer-friendly contracts have a 30-day buyer notice and a 90-day vendor notice.