The Amendment To Extend Term Of Agreement is a crucial document used in Canadian business practice when parties wish to continue their contractual relationship beyond the original term without negotiating an entirely new agreement. This document type is particularly valuable when the existing arrangement is working well and parties simply need to extend the duration. It's commonly used across various industries and typically includes reference to the original agreement, specific details about the extension period, and confirmation that other terms remain unchanged. The amendment must comply with Canadian contract law requirements, including proper execution by authorized representatives and, where applicable, consideration of provincial-specific regulations. This document type is essential for maintaining business continuity while minimizing the administrative burden of creating new agreements.
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1. Parties: Identifies the parties to the original agreement who are agreeing to this amendment
2. Background: References the original agreement, its date, and any previous amendments
3. Definitions: Defines key terms used in the amendment, including reference to definitions in the original agreement
4. Extension of Term: Specifies the new term duration and effective date of the extension
5. Confirmation of Other Terms: Confirms that all other terms of the original agreement remain unchanged and in full force and effect
6. Entire Agreement: States that this amendment together with the original agreement constitutes the entire agreement between the parties
7. Counterparts: Allows for execution in counterparts and specifies acceptable methods of signature
8. Execution: Signature blocks for all parties
1. Additional Modifications: Used when other minor modifications to the agreement are being made alongside the term extension
2. Updated Payment Terms: Include when the extension involves changes to pricing or payment schedules
3. Conditions Precedent: Used when the extension is subject to certain conditions being met
4. Regulatory Compliance: Include when the extension requires additional regulatory approvals or compliance measures
5. Performance Review: Used when the extension is tied to a review of past performance or specific metrics
6. Notice Details: Include when contact information or notice requirements are being updated
1. Schedule A - Updated Term Details: Details the specific dates, timelines, and any milestone dates related to the extension
2. Schedule B - Updated Pricing: If applicable, outlines any price adjustments associated with the term extension
3. Appendix 1 - Consent Documents: If required, includes any third-party consents or regulatory approvals necessary for the extension
4. Appendix 2 - Performance Metrics: If applicable, contains updated performance criteria or service levels for the extended term
Relevant legal definitions
Clauses
Relevant Industries
Technology
Real Estate
Manufacturing
Professional Services
Healthcare
Construction
Retail
Telecommunications
Financial Services
Energy
Transportation
Education
Media and Entertainment
Relevant Teams
Legal
Procurement
Operations
Finance
Commercial
Business Development
Contract Administration
Compliance
Risk Management
Project Management
Account Management
Relevant Roles
Contract Manager
Legal Counsel
Business Development Manager
Procurement Manager
Operations Director
Commercial Manager
Chief Financial Officer
Project Manager
Account Executive
Compliance Officer
Risk Manager
General Counsel
CEO
COO
Vendor Manager
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