Define: Extension Agreement

An extension agreement is a legal document that extends the duration or term of an existing contract or agreement.

You may need an extension agreement if the original contract is about to expire, but you still want to continue the relationship or fulfill the obligations outlined in the contract.

Yes, an extension agreement can be used for various types of contracts, including lease agreements, employment contracts, service agreements, and more.

Yes, for an extension agreement to be valid, both parties involved in the original contract must agree to the extension and sign the agreement.

Yes, an extension agreement can modify certain terms of the original contract, such as the duration, payment terms, or any other provisions agreed upon by both parties.

While oral agreements may be enforceable in some cases, it is highly recommended to have a written extension agreement to avoid any misunderstandings or disputes in the future.

Yes, an extension agreement can be terminated before the extended term ends if both parties agree to do so or if there are specific termination clauses outlined in the agreement.

If one party refuses to sign the extension agreement, the original contract will likely expire as scheduled, and the parties may need to negotiate a new agreement if they wish to continue their relationship.

Yes, an extension agreement can be used multiple times, allowing the parties to extend the contract’s term further if needed.

Yes, there are various templates and pre-drafted extension agreements available online or through legal service providers. However, it is essential to review and customize the agreement to fit your specific circumstances and ensure it complies with applicable laws and regulations.