As long as your agreement needs it to. Tremark Process Agents offers an annual rolling appointment at £125 per year that renews automatically until cancelled with 30 days notice, or a fixed term appointment from £160 covering any defined period from one year up to 30, paid once with nothing further due.
Matching the term to the agreement
Most process agent clauses require the appointment to remain in force for as long as obligations under the agreement can arise, so the sensible approach is to match the appointment to the document. A seven year facility suits a seven year fixed term; a rolling supply contract of uncertain length suits the annual service. If a deal extends or refinances, appointments can be extended to follow it.
Annual versus fixed term
The annual service spreads the cost and keeps flexibility: £125 each year, invoiced annually until you cancel. The fixed term is a single payment and works out cheaper over longer periods, for example £480 for five years against £625 across five annual renewals. Fixed term appointments also read well to counterparties, because the letter of appointment shows cover locked in for the whole life of the deal with no renewal risk.
What happens at the end
We write to you when a fixed term is approaching expiry, and if the underlying agreement is still live we arrange an extension. Annual appointments simply continue until you tell us the agreement has terminated. Nothing lapses silently: our answer on expiry and renewal explains the process in detail.