When you draft an agreement or contract, it will almost always include wording about when and under what circumstances it expires. However, it may still be beneficial for both parties when that time comes if the agreement were to continue.
Conversely, the time frames established in the original agreement may have seemed reasonable at the time but ultimately prove to be untenable. One or both parties may feel tied to an impractical agreement.
In those cases, using an Agreement Extension will save you the time and effort of drafting and renegotiating an entirely new agreement. The extension makes a single change to the existing agreement, which is to push forward the expiration date without changing the contract's remaining terms.
An Agreement Extension is a legally-binding document between two or more parties that changes an already existing agreement's expiration date. All the terms and conditions in the original agreement remain the same and will be in force until the new date stipulated on the Agreement Extension.
It's similar to an Agreement Amendment, but it only targets a specific condition in the existing agreement, making it easier to implement. If either party to the current deal decides not to extend the termination date, no party can do so unilaterally. The purpose of the extension is to avoid creating a new agreement only to extend the end date.
Depending on your state, an Agreement Extension may also be known as:
Contract Extension
Contract Addendum
Agreement End Date Extension
Contract Extension Addendum
Agreement End Date Amendment
Anyone who is a party to an agreement set to expire sooner than it needs to can use an Agreement Extension. It's a way to quickly push forward the end date of a contract without changing its remaining terms.
Extensions of lease agreements are not uncommon since tenants often need to stay past the original lease's end date. Another example might be a contractor who needs more time to complete a project due to unforeseen circumstances. Furthermore, any parties who signed an agreement who want to extend their working relationship beyond the original agreement can use this form.
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Agreement Extension.
Laws vary by location. Each document on 360 Legal Forms is customized for your state.
All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.
With our proprietary form generator, all you need to do is fill in the requested information to create an Agreement Extension to address the exact changes you need in your agreement. If the Agreement Extension isn't composed correctly, it may not be sufficient to change the existing agreement suitably.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
To create your document, please provide:
Existing Agreement: The full title of the existing contract or agreement to be amended.
Effective Date: The date when the Agreement Extension goes into effect and the current agreement's effective date.
The Parties in The Original Agreement: The full name and address of the parties in the original agreement.
Dates: The expiration date of the existing agreement and the updated expiration date established in the Agreement Extension.
Payment Changes: If the Agreement Extension results in increased payment to one party, the payment changes will need to be explained.
Original Agreement: A description of the purpose of the original agreement.
Governing Law: The state's law applying to the Agreement Extension in case any disputes arise.
Counterparts Clause: A section of an agreement allowing each party to sign identical copies of the documents rather than all signatures appearing on the same copy.
Arbitration: A contract clause to set up provisions for independent arbitrators to settle disputes to the terms of the Agreement Extension.
Consideration: Something of value given in exchange for the terms of the agreement. An Agreement Extension doesn't require a consideration but may include it.
To be legally enforceable, all the parties of the original agreement need to sign the Agreement Extension. If notarized or witnessed, it should also carry the signatures of the notary or witnesses.
Although it's unnecessary to notarize the signatures on an Agreement Extension, it's good to do so, especially if the existing agreement is also notarized. Any legal formalities in the original contract should also be reflected in the Agreement Extension.
Once the Agreement Extension is signed and dated, distribute copies to each of the existing agreement parties. Each party should keep a signed copy for their records. It's a good idea to attach your copy of the Agreement Extension to the existing agreement.
An Agreement Extension does not need to be filed with any local or state records office since it is a private contract.
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