(1) . . .
(2) . . .
(3) An employee employed under a contract of employment for a fixed term of two years or more is not entitled to a redundancy payment in respect of the expiry of that term without its being renewed (whether by the employer or by an associated employer of his) if, before the term expires, the employee has agreed in writing to exclude any right to a redundancy payment in that event.
(4) An agreement such as is mentioned in subsection . . . (3) may be contained—
(a) in the contract itself, or
(b) in a separate agreement.
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