Extend a Successful Business Relationship With a Contract Extension Agreement
Is your contract nearing its expiration, but you don’t want to end the business relationship? Are things going well enough for you to request a contract extension? Get busy now! If you don’t know how it works, we’re here to help you out!
Generally, most business contracts have a fixed term. When the contract is nearing the expiration date, you have two options:
- End the contract
- Extend the agreement with a new date
If you want to extend the duration of your existing contract, you can create a contract extension agreement. It is not an entirely new document. You only need to alter the termination date at the end. Once both parties agree to the modified date, you can sign the deal and move forward.
It’s easier to have a contract extension agreement instead of creating a completely new or an additional amendment document. The extension does not deviate from the terms of the primary contract. If you need to make more modifications, you will need to draw up a fresh document.
Alternative names for a contract extension agreement are:
- Contract extension letter
- Extension of contract agreement
You can use a contract extension if:
- Your contract end date is near, and you wish to extend the duration of the contract beyond the original end date
- Both parties want to set a modified termination date
- The project did not end at the expected due date
- A new project with the same contractor awaits
You can use a contract extension agreement to extend the duration of several business contracts, such as:
- Confidentiality agreement
- Photography contract
- Retainer agreement
- Employment loan agreement
- Fee agreement
- Collaboration agreement
- Subscription agreement
- Service level agreement
- Sponsorship agreement
For extending property contracts, you should opt for a lease extension agreement.
If you’re familiar with legal terms, creating a contract will be a piece of cake. If not, you can always hire a lawyer to do the job. Are lawyer fees too high for your budget? Scan the internet for free contract templates to get a basic idea of what to include in your document.
Most contract extension agreements contain the following essential clauses:
|Details of both parties||Names, office/home addresses, and contact information of both parties|
|Date||The effective date of the agreement|
|Original contract||This section will contain:
|Extension||Extension terms can include the following:
|Signature||Signature of both parties, along with the date, to confirm they have understood and agreed to the new terms and conditions, i.e., the new end date|
By signing the document, whether digitally or physically, you make the document legally binding. If any party, intentionally or unintentionally, violates the contract, they risk facing legal and disciplinary action, including a lawsuit.
Creating a legal document with its specific structure and format can be a complicated process. Most people prefer handing it over to their lawyers even though the fees can be sky-high.
What if you had a better alternative? For an affordable monthly fee, DoNotPay can draw up numerous contracts and agreements you can customize to your requirements!
How to get started?
- Sign up for DoNotPay
- Enter the name of the agreement you want to make in the search box
- Answer our chatbot’s questions and provide required details
We will generate a personalized document within minutes! When you receive it, make it legally binding by signing or getting it notarized. Our Notarize Any Document service is integrated with the Standardized Legal Document tool, so you can do both tasks within the same app!
Check out the list of legal docs we can draft:
|Real Estate||Business Contracts||Other|
If you’re looking for learning material on other business agreements, DoNotPay has a massive vault of information, so check out our articles about:
- Partnership agreements
- Teaming agreements
- Work agreements
- Employee confidentiality agreements
- Profit-sharing agreements
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