The Extension Agreement serves as a crucial legal instrument in Philippine business and commercial relationships, used when parties wish to continue their contractual relationship beyond the original term. This document type is particularly valuable when the original agreement's expiration is approaching but the business relationship remains beneficial for all parties. The Extension Agreement must comply with Philippine contract law, including the Civil Code of the Philippines and relevant regulations regarding contract modifications. It typically includes specific details about the extension period, any adjustments to existing terms, and confirmation of continuing obligations. This document is especially relevant in situations where a full contract renegotiation is unnecessary, but formal documentation of the extended term is required for legal and business purposes.
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1. Parties: Identification of all parties to the agreement, matching those in the original agreement
2. Background: Reference to the original agreement, its date, and purpose, establishing the context for the extension
3. Definitions: Key terms used in the extension agreement, incorporating definitions from the original agreement by reference
4. Extension Term: Specific details of the extension period, including start and end dates
5. Continuing Effect: Confirmation that all other terms and conditions of the original agreement remain in full force and effect
6. Consideration: Statement of consideration for the extension, if any new consideration is being provided
7. Execution: Signature blocks and execution requirements compliant with Philippine law
1. Modified Terms: Used when specific terms of the original agreement need to be modified along with the extension
2. Additional Obligations: Include when new obligations or conditions are being added as part of the extension
3. Regulatory Compliance: Required when the extension needs to address specific regulatory requirements or changes since the original agreement
4. Performance Review: Include when the extension is conditional upon review of past performance or specific achievements
5. Fee Adjustments: Used when the extension involves changes to existing fee structures or payment terms
1. Schedule A - Original Agreement: Copy or reference to the original agreement being extended
2. Schedule B - Updated Terms: Detailed list of any terms being modified or updated as part of the extension
3. Schedule C - Performance Metrics: If applicable, updated or new performance metrics for the extension period
4. Appendix 1 - Required Permits: Copies of any new or renewed permits, licenses, or authorizations required for the extension period
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