328   Term of contract agreement

(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.