There is a clause in my contract that i need some clarification about. Specifically i want to know if the above clause means that i can resign with a three month notice or not ?
I am not a lawyer, and I am not your lawyer.
There is a period of remuneration (I would more or less guess that's how long your contract lasts). During that period either side can give 3 months notice. The period (that is the period of remuneration) can be lengthened up to 5 years.
So your contract either ends at the period of remuneration, which could be up to 5 years, or if either side gives 3 months notice.