Purchase Agreement Extension for the United Kingdom

Purchase Agreement Extension Template for England and Wales

A Purchase Agreement Extension is a legal document governed by English and Welsh law that extends the duration of an existing purchase agreement between parties. It maintains the core terms of the original agreement while potentially modifying specific elements such as duration, pricing, or delivery terms. The document ensures continuity of business relationships while providing an opportunity to update terms based on operational experience and changing circumstances.

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What is a Purchase Agreement Extension?

A Purchase Agreement Extension is utilized when parties wish to continue their existing commercial relationship beyond the original term of their purchase agreement. This document, governed by English and Welsh law, provides a formal mechanism to extend the duration of the original agreement while potentially updating specific terms such as pricing, delivery schedules, or performance metrics. It's particularly useful when the original agreement has proven successful but requires minor adjustments or updates to reflect current market conditions or operational requirements.

What sections should be included in a Purchase Agreement Extension?

1. Parties: Identification of contracting parties and their details

2. Background: Reference to original agreement and reason for extension

3. Definitions: Key terms used in the extension agreement

4. Extension Terms: Specific details of the extension period and any modifications

5. Continuing Effect: Confirmation that other terms remain unchanged

6. Execution: Signing provisions and signature blocks

What sections are optional to include in a Purchase Agreement Extension?

1. Price Adjustments: Optional section for when prices are being modified during the extension period

2. Additional Terms: Optional section for introducing new conditions specific to the extension period

3. Performance Review: Optional section for when past performance assessment affects extension terms

What schedules should be included in a Purchase Agreement Extension?

1. Schedule 1 - Original Agreement: Copy of the original purchase agreement being extended

2. Schedule 2 - Updated Pricing: New pricing structure if applicable

3. Schedule 3 - Performance Metrics: Updated KPIs or performance requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

England and Wales

Publisher

Genie AI

Document Type

Purchase Agreement

Cost

Free to use
Industries

Sale of Goods Act 1979: Primary legislation governing contracts for the sale of goods, defining rights and obligations of buyers and sellers, including quality standards and fitness for purpose requirements

Supply of Goods and Services Act 1982: Legislation applicable when purchase agreements include services, establishing standards for service provision and performance

Contract (Rights of Third Parties) Act 1999: Legislation governing how third parties may derive rights from contracts and relevant when third parties have rights under the original agreement

Consumer Rights Act 2015: Key legislation providing additional protections when one party is a consumer rather than a business entity

Common Law of Contract: Fundamental legal principles governing contract formation, including offer, acceptance, consideration, and intention to create legal relations

Unfair Contract Terms Act 1977: Legislation controlling the use and enforcement of exclusion clauses and establishing reasonableness tests for contract terms

Limitation Act 1980: Statute setting time limits for enforcing contractual rights and bringing claims under contracts

Data Protection Act 2018 and UK GDPR: Legislative framework governing the processing and protection of personal data in contractual relationships

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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