(1) A contract agreement applies for the period specified in it as its nominal term and, after that period, until terminated in accordance with this Part.
(2) The nominal term of a contract agreement must not be less than 12 months nor more than 3 years.
(3) However, a contract agreement made for a project may have a specified nominal term not exceeding the expected duration of the project.
(4) A contract agreement varying an earlier agreement applies for the residue of the term of the agreement it varies.