Tennessee Code 47-18-505 – Contracts – Duration
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 47-18-505
- club: means any person, corporation, partnership, unincorporated association, or other business enterprise operating for profit within the state of Tennessee, the primary purpose of which is to provide benefits to members from the cooperative purchase of services or merchandise. See Tennessee Code 47-18-501
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means any oral or written agreement by which one becomes a member of a club. See Tennessee Code 47-18-501
- member: means any status by which any natural person is entitled to any of the benefits of a discount buying organization. See Tennessee Code 47-18-501
- signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
No contract shall be valid for a term longer than eighteen (18) months from the date upon which the contract is signed. However, a club may allow a member to convert such member’s contract into a contract for a period longer than eighteen (18) months after the member has been a member of the club for a period of at least six (6) months. The duration of the contract shall be clearly and conspicuously disclosed in the contract in boldface type of a minimum size of fourteen (14) points. No contract shall contain an automatic renewal clause; provided, that such an agreement may provide for the buyer to exercise a renewal.