A WEEL must provide for a definite term, state if there is an option to renew and if so, provide for a definite term for the renewal period. WEELs are for project evaluation purposes, and therefore may have:
An initial term that is no longer than 3 years; and
One renewal period not to exceed 3 years.
The exercise of the option to renew must be in writing and the WEEL must specify:
The time and manner in which the option must be exercised or is automatically effective;
That confirmation of the renewal will be submitted to us, unless the WEEL provides for automatic renewal; and
Additional consideration, if any, that will be due upon the exercise of the option to renew or the start of the renewal term.
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