This Agreement shall become effecti

This Agreement shall become effective from September 1, 2017 and shall continue in full force and effect for a period of one (1) calendar year or precisely until August 31, 2018. Either party can early terminate this license by providing a ninety (90) days advanced written notice. Such termination may be with or without cause and, in the event thereof, neither party shall be liable to the other for any loss, expense, liability, termination compensation or payments of any kind, including, but not limited to, any investment, promotion or selling expense. Upon termination of this Agreement, LICENSEE shall immediately discontinue all use of the Trademarks. Both parties shall agree in writing to fix a phase out period for existing inventory, which phase out period will be no longer than six (6) months following the date of termination during which royalty payment to JACOB HOLM for sales of the Product bearing the Trademarks will still be applicable. Prior to the expiration of this Agreement and between the last calendar year and six (6) months of its expiration, both parties agree to meet to agree on new terms and conditions that apply for the renewal of this Agreement by separate Trademarks License which will depend on the Product growth and market penetration with the Trademarks in the Territory.