Internet company Yahoo! Inc. (YHOO) and software giant Microsoft Corp. (MSFT) may terminate their 10-year search agreement on or after October 1, a regulatory filing showed.
The two companies have amended the terms of the Search and Advertising Sales agreement whereby the agreement could be terminated any time on or after October 1. The term of the deal was 10 years from its commencement date, February 23, 2010.
Now either party can terminate the agreement by delivering a written notice of termination to the other party.
The search agreement will remain in effect for four months from the date of the termination notice to provide for a transition period. However, Yahoo's volume commitment will not apply in the third and fourth months of this transition period.
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