The Extension Agreement is a crucial legal instrument under Austrian law 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 the same or modified terms. The Extension Agreement must comply with Austrian legal requirements, including the ABGB (Austrian Civil Code) and, where applicable, the UGB (Austrian Commercial Code). It typically includes details about the new duration, any modified terms, and confirmations that other original contract provisions remain in force. This document type is commonly used in various contexts, from lease extensions to service contract continuations, and can range from simple term extensions to more complex arrangements involving updated commercial terms.
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1. Parties: Identification of all parties to the extension agreement, which should match the original agreement parties unless explicitly modified
2. Background: Reference to the original agreement, its date, and brief context for the extension
3. Definitions: Key terms used in the extension agreement, incorporating definitions from the original agreement by reference
4. Extension Term: Clear specification of the new duration or extended period
5. Continued Validity: Confirmation that all other terms and conditions of the original agreement remain in full force and effect
6. Effective Date: Specification of when the extension takes effect
7. Entire Agreement: Confirmation that the extension agreement and original agreement together constitute the entire agreement
8. Governing Law: Confirmation of Austrian law as the governing law
9. Execution: Signature blocks for all parties
1. Modified Terms: Used when any terms besides duration are being modified as part of the extension
2. Additional Consideration: Include if there is any new or modified payment or consideration for the extension
3. Representations and Warranties: Include if parties need to refresh their representations as of the extension date
4. Conditions Precedent: Include if the extension is subject to certain conditions being met
5. Notice Provisions: Include if contact details or notice requirements are being updated
6. Ratification: Include if explicit confirmation of past actions or performance is needed
1. Original Agreement: Copy of the original agreement being extended
2. Modified Terms Schedule: Detailed list of any terms being modified, if applicable
3. Updated Commercial Terms: If any commercial terms (prices, quantities, etc.) are being modified for the extension period
4. Conditions Satisfaction Evidence: Documentation proving that any conditions precedent have been met
5. Powers of Attorney: If new signatories are involved, evidence of their authority to sign
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Information Technology
Manufacturing
Professional Services
Construction
Retail
Healthcare
Financial Services
Telecommunications
Energy
Transportation
Education
Research and Development
Media and Entertainment
Relevant Teams
Legal
Procurement
Commercial
Operations
Business Development
Compliance
Risk Management
Contract Administration
Corporate Secretariat
Finance
Project Management
Relevant Roles
Legal Counsel
Contract Manager
Procurement Manager
Business Development Manager
Commercial Director
Chief Legal Officer
General Counsel
Operations Manager
Project Manager
Account Manager
Relationship Manager
Compliance Officer
Risk Manager
Corporate Secretary
Chief Executive Officer
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