updated November 21, 2023 · 6min read
Well after a contract has been signed, parties may find that a change in events makes it impossible to complete their obligations within the agreed-on time period. Alternatively, an increase in the parties’ needs can move the parties to extend their relationship beyond its original parameters. If the parties agree to the change and sign additional documents, the term of an existing agreement can be extended
You can use an extension to expand time frames that seemed reasonable when drafted, but have since become unworkable. Rather than leave parties shackled to a dated or impractical agreement, extensions allow contracts to reflect the changing capacities of the parties that signed it. Perhaps a business arrangement is working perfectly for all parties, but expires naturally before the parties wish to end it: this agreement can be extended to allow the companies to develop their understanding.
This package contains everything you’ll need to extend your agreement. A written contract minimizes confusion, misunderstanding, and error, and sets forth the parties’ expectations and fulfillment obligations. If obligations can’t be completed in a timely fashion, or if the parties want to continue a thriving and successful arrangement, an extension can help the parties achieve their goals. In every way, this promotes a successful and profitable business arrangement.
Before sitting down to write, decide exactly what your goals are for the extension. Try to capture the revisions without invalidating or confusing the original agreement. Will the extension have a set term? Will it continue indefinitely? Are there other changes to the contract that will need to be made? Clarify these terms before writing them down.
Allow each party to spend time reviewing both the original agreement and the extension. This will reduce the likelihood, or at least the efficacy, of a claim that a party did not understand any new terms or how those might affect the agreement as a whole.
Both parties should review the extension carefully to ensure that all relevant deal points have been included. It is better to be over-inclusive than under-inclusive. Do not assume that certain expectations or terms are agreed to if they are not stated expressly on the document.
The terms of your original agreement are still in effect, so make sure both parties continue to perform their obligations under that agreement until the extension is completed and signed.
Sign two copies of the extension, one for you and one for the other party
Keep your copy of the signed extension with the original agreement it modified. Once the extension is drafted and signed, it is part of the original agreement and should be treated accordingly.
Depending on the nature of its terms, you may decide to have your extension witnessed or notarized. This will limit later challenges to the validity of a party’s signature.
If your agreement is complicated, do not use the enclosed form. Contact an attorney to help you draft a document that will meet your specific needs.
The following provision-by-provision instructions will help you understand the terms of your extension. The numbers below (e.g., Section 1, Section 2, etc.) correspond to the provisions in the extension. Please review the entire document before starting your step-by-step process.
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