The Addendum To Extend Contract is a essential legal instrument used in Malaysian business practice when parties wish to continue their contractual relationship beyond the original term. This document type is particularly relevant when the original contract is performing satisfactorily and parties prefer to extend rather than renegotiate entirely new terms. It must comply with Malaysian contract law, particularly the Contracts Act 1950 and the Stamp Act 1949 for proper execution and enforcement. The addendum typically includes the extension period, any price adjustments, updated deliverables, and confirmation of continuing terms from the original agreement. It's commonly used across various industries from construction to services, and can be adapted to accommodate both simple term extensions and more complex modifications to the original contract terms.
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Key Requirements PROMPT example:
Addendum To Extend Contract
"I need an Addendum to Extend Contract for our IT services agreement with TechCorp Solutions Sdn Bhd, extending the current contract for an additional 24 months until March 31, 2025, with all other terms remaining unchanged."
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1. Parties: Identification of all parties to the original contract and confirmation that they remain the same for the addendum
2. Background: Reference to the original contract including its date, parties, and subject matter, and the parties' desire to extend it
3. Definitions: Key terms used in the addendum, typically referring to definitions in the original contract and adding any new ones specific to the extension
4. Extension Term: Clear specification of the new contract end date or extension period
5. Continued Effect: Confirmation that all other terms and conditions of the original contract remain in full force and effect
6. Governing Law: Confirmation that the addendum is governed by Malaysian law, consistent with the original contract
7. Execution: Signature blocks for all parties to execute the addendum
1. Updated Terms: Used when specific terms from the original contract need to be modified along with the extension
2. Price Adjustment: Include when the extension involves changes to pricing or payment terms
3. Performance Review: Used when the extension is conditional upon review of past performance or specific achievements
4. Additional Obligations: Include when new responsibilities or requirements are being added with the extension
5. Conditions Precedent: Used when the extension is subject to certain conditions being met
6. Notices: Include if there are changes to the contact details or notice requirements
1. Schedule 1 - Updated Pricing: Details of any price changes or new rate cards applicable during the extension period
2. Schedule 2 - Revised Deliverables: If applicable, updated list of deliverables or services for the extension period
3. Schedule 3 - Performance Metrics: If relevant, updated KPIs or performance standards for the extension period
4. Appendix A - Original Contract: Copy of the original contract being extended (optional but often included for reference)
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Relevant Industries
Information Technology
Construction
Manufacturing
Professional Services
Healthcare
Education
Retail
Telecommunications
Financial Services
Real Estate
Energy
Logistics
Agriculture
Mining
Relevant Teams
Legal
Procurement
Contract Administration
Operations
Finance
Risk Management
Compliance
Commercial
Business Development
Supply Chain
Project Management
Administration
Relevant Roles
Contract Manager
Procurement Manager
Legal Counsel
Business Development Manager
Project Manager
Commercial Director
Operations Manager
Chief Financial Officer
Risk Manager
Compliance Officer
General Manager
Supply Chain Manager
Account Manager
Chief Executive Officer
Administrative Officer
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