The Extension Agreement is a crucial document used when parties wish to continue their contractual relationship beyond the original term. It is particularly relevant in commercial relationships where the original agreement is approaching its end date but both parties wish to maintain their business relationship. This document type, governed by Irish law, provides a streamlined approach to extending contracts without the need to draft an entirely new agreement. It typically includes details of the extension period, any modified terms, and confirmations of continuing obligations. The Extension Agreement is commonly used across various sectors and can be adapted to accommodate different types of commercial arrangements, from service agreements to lease contracts. It's essential for business continuity and relationship management while ensuring legal compliance with Irish contractual requirements.
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1. Parties: Identification of all parties to the extension agreement (must match or properly reference the parties from the original agreement)
2. Background: Recitals explaining the original agreement's existence, its current status, and the parties' intention to extend it
3. Definitions: Key terms used in the extension agreement, including reference to definitions from the original agreement
4. Extension Term: Specific details of the extension period, including start and end dates
5. Continuation of Original Terms: Confirmation of which original agreement terms remain in full force and effect
6. Consideration: Details of any payment or other consideration for the extension
7. Effective Date: Specification of when the extension takes effect
8. Confirmation of Original Agreement: Statement confirming that all other terms of the original agreement remain unchanged
9. Entire Agreement: Confirmation that this extension agreement and the original agreement constitute the entire understanding between the parties
10. Governing Law: Confirmation of Irish law as the governing law of the extension agreement
1. Modified Terms: Section detailing any terms from the original agreement that are being modified as part of the extension (only needed if terms are being changed)
2. Additional Provisions: Any new terms or conditions being added as part of the extension (only needed if new terms are being added)
3. Performance Review: Assessment of performance under the original agreement (include if required for regulatory or internal compliance)
4. Regulatory Compliance: Additional compliance provisions if required by changes in law since the original agreement
5. Break Clause: Provisions allowing early termination during the extension period (if agreed by the parties)
6. Price Adjustment: Details of any price or payment modifications during the extension period (if applicable)
1. Schedule 1 - Original Agreement: Copy of or reference to the original agreement being extended
2. Schedule 2 - Modified Terms: Detailed list of any terms being modified, showing both original and new versions
3. Schedule 3 - Performance Metrics: Any updated or continuing performance requirements or service levels
4. Schedule 4 - Pricing Schedule: Updated pricing information if changes are made to the financial terms
5. Appendix A - Required Notices: Forms and requirements for any notices under the extended agreement
6. Appendix B - Compliance Certificates: Any certificates or compliance documents required for the extension period
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