As KPMG and McLaren come together, Simon Collins $($Chairman & Senior Partner, KPMG$)$ and Ron Dennis, CBE $($UK Chairman & CEO, McLaren Group$)$ discuss their reasoning for the strategic alliance and the benefits that each company hopes to achieve by it$.$ Together, the service and technology companies hope to form a seamless business strategy of excellence to better service their respective customers.

Please watch the two videos and answer the following questions.

Video $1$

Video $2$

What is the specified duration of the contract mentioned in the video and what does this sav about the formality f the rolationchin?