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Addendum To Extend Contract
"I need an Addendum to Extend Contract for our IT service agreement with TechServe Solutions, extending the current contract for an additional 24 months from March 2025, with a 5% annual price increase and updated service level requirements."
1. Parties: Identification of all parties to the original contract who are agreeing to the extension
2. Background: Reference to the original contract, its date, and current expiration date
3. Definitions: Key terms used in the addendum, including reference to definitions from the original contract
4. Extension Term: Specific details of the extension period, including new expiration date
5. Continuation of Terms: Confirmation that all other terms and conditions of the original contract remain in full force and effect
6. Execution: Signature blocks for all parties to execute the addendum
1. Price Adjustment: Include when the extension involves changes to pricing or payment terms
2. Performance Modifications: Include when any service levels or performance requirements are being modified along with the extension
3. Additional Rights: Include when granting new rights or obligations during the extension period
4. Regulatory Compliance: Include when the extension needs to address new regulatory requirements
5. Extension Options: Include when providing for future extension options beyond the current extension
1. Updated Pricing Schedule: Details of any price changes during the extension period
2. Revised Performance Metrics: Updated service levels or performance requirements if modified
3. Extension Timeline: Detailed timeline of the extension period including any milestone dates
4. Amended Terms: Full text of any original contract terms that are being modified along with the extension
Authors
Information Technology
Professional Services
Construction
Manufacturing
Healthcare
Education
Retail
Real Estate
Financial Services
Telecommunications
Energy and Utilities
Mining and Resources
Transport and Logistics
Agriculture
Legal
Procurement
Commercial
Finance
Operations
Business Development
Compliance
Risk Management
Contract Administration
Project Management
Legal Counsel
Contract Manager
Procurement Manager
Business Development Manager
Commercial Director
Chief Financial Officer
Operations Manager
Project Manager
Account Executive
Relationship Manager
Compliance Officer
Risk Manager
General Manager
Chief Executive Officer
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