The Contract Extension Addendum is essential when parties wish to continue their contractual relationship beyond the original termination date. This document is commonly used in the United States when businesses or individuals need to extend their existing agreements without creating entirely new contracts. It includes key information such as the extension period, any modifications to original terms, and confirmation of continuing obligations. The addendum must comply with both federal and state contract laws and should clearly reference the original agreement being extended.
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1. Parties: Identification of all parties to the original contract and extension
2. Background: Reference to original agreement and reason for extension
3. Definitions: Key terms used in the addendum
4. Extension Term: Specific duration of the extension period
5. Confirmation of Original Terms: Statement confirming all other terms remain in effect
6. Execution: Signature blocks and date of execution
1. Modified Terms: Section detailing any terms from original agreement being modified during the extension period
2. Additional Consideration: Section specifying any new payment or consideration required for the extension
3. Performance Review: Section reviewing performance under original contract when extension is conditional on past performance
1. Schedule A - Original Agreement: Copy of the original contract being extended
2. Schedule B - Modified Terms: Detailed list of any modifications to original terms
3. Schedule C - Performance Metrics: Relevant performance data supporting extension decision
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