An Extension Agreement is utilized when parties to an existing contract wish to extend their business relationship beyond the original term. This document type, governed by Malaysian law, provides a formal mechanism to continue the contractual relationship while potentially updating certain terms to reflect current circumstances. It's particularly useful when the original agreement is working well but approaching its expiration date, or when business requirements necessitate a longer term. The Extension Agreement typically includes references to the original agreement, specifies the new term duration, outlines any modified terms, and ensures compliance with Malaysian legal requirements including proper execution and stamping. This approach is often more efficient than drafting an entirely new agreement, as it preserves the established framework while focusing only on necessary changes.
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1. Parties: Identification of all parties to the agreement, matching those in the original agreement
2. Background: Recitals explaining the existence of the original agreement, its date, and the parties' intention to extend it
3. Definitions: Key terms used in the extension agreement, including reference to definitions in the original agreement
4. Extension of Term: Clear specification of the new term duration and effective date of the extension
5. Continuation of Original Terms: Confirmation that all other terms and conditions of the original agreement remain in full force and effect
6. Consideration: Statement of consideration for the extension, if any
7. Governing Law: Confirmation that Malaysian law governs the extension agreement
8. Execution: Signature blocks for all parties
1. Modified Terms: Include this section if any terms of the original agreement are being modified along with the extension
2. Additional Terms: Include this section if new terms are being added as part of the extension
3. Regulatory Compliance: Include if the extension triggers any specific regulatory requirements or approvals
4. Fee Adjustments: Include if there are any price or fee changes associated with the extension
5. Conditions Precedent: Include if there are specific conditions that must be met before the extension becomes effective
1. Schedule 1 - Original Agreement: Copy or reference to the original agreement being extended
2. Schedule 2 - Modified Terms: Detailed list of any terms being modified, if applicable
3. Schedule 3 - Extension Period Details: Specific details about the extension period, including key dates and milestones
4. Appendix A - Required Approvals: List of any regulatory or third-party approvals required for the extension, if applicable
Relevant legal definitions
Clauses
Relevant Industries
Information Technology
Real Estate
Manufacturing
Professional Services
Construction
Retail
Healthcare
Education
Telecommunications
Financial Services
Logistics
Energy
Relevant Teams
Legal
Procurement
Commercial
Operations
Business Development
Compliance
Risk Management
Finance
Contract Administration
Relevant Roles
Legal Counsel
Contract Manager
Business Development Manager
Procurement Manager
Commercial Director
Operations Manager
Project Manager
Account Executive
Compliance Officer
Risk Manager
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CFO
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