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The account for any one underwriting year shall remain open until the expiry of all liability and the settlement of all claims applying to that underwriting year, or until the parties agree to close the underwriting year (not earlier than 36 months after its inception) by debiting the account of that underwriting year, and crediting the account of the next open underwriting year, with the appropriate Premium and Claims Portfolio. It is the intention of the parties the Agreement No. , which this Agreement cancels and replaces, and this Agreement shall be considered one continuous Agreement for the purpose of Transfer of Portfolio and for the purpose of calculating Profit Commission as provided in Article IX.
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