The Extension Addendum To Contract serves as a crucial document when parties wish to continue their contractual relationship beyond the initial term without executing an entirely new agreement. This type of addendum is commonly used across various industries in the United States when the original contract terms remain satisfactory but require a time extension. The document typically includes references to the original agreement, specific details about the extension period, any modified terms, and confirmation that all other original contract provisions remain in effect. It provides a more efficient alternative to creating a new contract while ensuring legal compliance and maintaining the integrity of the original agreement.
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1. Parties: Identification of all parties to the original contract and confirmation they remain the same for the extension
2. Background: Reference to original contract including date, parties, and subject matter, and reason for extension
3. Definitions: Key terms used in the addendum, incorporating definitions from original contract
4. Extension Terms: Specific details of the extension period and any modified terms
5. Effect on Original Agreement: Statement confirming all other terms remain in full force and effect
6. Execution: Signature blocks and execution requirements
1. Modified Terms: Section detailing any terms being modified besides duration - used when other contract terms are being modified along with the extension
2. Consideration: Section specifying details of any new or additional consideration - used when there are changes to payment or other consideration terms
3. Conditions Precedent: Section outlining any conditions that must be met for extension to take effect - used when extension is contingent on specific conditions
1. Schedule of Updated Dates: Detailed timeline showing original and extended dates
2. Schedule of Modified Terms: Comprehensive list of any terms being modified
3. Original Agreement: Copy of the original contract being extended
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