The Extension Agreement is a crucial legal instrument in South African business practice, used when parties wish to continue their contractual relationship beyond the original term. This document type is particularly relevant when the original agreement is approaching its expiration date but the parties wish to maintain their business relationship under either the same or modified terms. The Extension Agreement must comply with South African contract law principles and relevant legislation, including the Consumer Protection Act for consumer contracts and the Companies Act for corporate entities. It typically includes details about the new duration, any revised terms, and confirmations of continuing obligations. This document is essential for business continuity and relationship management, providing a clear legal framework for the extended period while avoiding the need to draft an entirely new agreement.
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1. Parties: Full legal names and details of all parties to the agreement
2. Background: Reference to the original agreement, its date, and reason for extension
3. Definitions: Key terms used in the extension agreement, including references to defined terms in the original agreement
4. Extension of Term: Clear statement of the new duration and effective date of the extension
5. Confirmation of Original Terms: Affirmation that all other terms of the original agreement remain in force
6. Amendments to Original Agreement: Any modifications to the original terms that take effect with the extension
7. Costs: Allocation of costs related to the preparation and execution of the extension
8. Governing Law: Confirmation of South African law as governing law
9. Signatures: Execution clause and signature blocks for all parties
1. Conditions Precedent: Include when the extension is subject to certain conditions being met
2. Revised Payment Terms: Include when the extension involves changes to payment arrangements
3. Performance Review: Include when the extension is tied to past performance evaluation
4. Additional Security: Include when new or additional security is required for the extended term
5. Regulatory Compliance: Include when specific regulatory requirements must be addressed for the extension
6. Warranties: Include when parties need to provide fresh warranties for the extension period
7. Break Clause: Include when parties want the ability to terminate during the extended period
1. Original Agreement: Copy of the agreement being extended
2. Updated Timeline: New project milestones or delivery dates for the extended period
3. Revised Pricing Schedule: Updated pricing or payment terms if applicable
4. Performance Metrics: Updated KPIs or performance standards for the extended period
5. Compliance Certificates: Current certificates, licenses, or permits required for the extension
6. Authority Documents: Corporate resolutions or powers of attorney proving authority to extend
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