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Extension Agreement for Nigeria

Extension Agreement Template for Nigeria

A Nigerian Extension Agreement is a formal legal document used to extend the duration of an existing contract while maintaining or modifying its original terms and conditions. This document, governed by Nigerian contract law, serves to formalize the continuation of a contractual relationship beyond its initial term. It includes essential elements such as the extension period, any modified terms, and confirmation of continuing obligations, while ensuring compliance with Nigerian legal requirements including stamp duty obligations and proper execution formalities.

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What is a Extension Agreement?

The Extension Agreement is a crucial legal instrument in Nigerian business practice, used when parties wish to continue their contractual relationship beyond the original term. This document type is particularly relevant when the original agreement is approaching its expiration date but the business relationship remains valuable to all parties. The Extension Agreement must comply with Nigerian contract law and typically includes specific details about the extended duration, any modifications to original terms, and confirmation of continuing obligations. It's commonly used across various sectors from real estate to oil and gas, and requires careful attention to local legal requirements such as proper stamping and execution. The document can be particularly important in regulated industries where continuous service or operation is critical.

What sections should be included in a Extension Agreement?

1. Parties: Identification of all parties to the agreement, matching those in the original agreement

2. Background: Reference to the original agreement, its date, and brief context for the extension

3. Definitions: Key terms used in the extension agreement, incorporating definitions from the original agreement

4. Extension Term: Clear specification of the new duration or extended period

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. Integration Clause: Statement that this extension agreement and the original agreement constitute the entire agreement

8. Governing Law: Confirmation of Nigerian law as governing law

9. Execution: Signature blocks and execution requirements compliant with Nigerian law

What sections are optional to include in a Extension Agreement?

1. Modified Terms: Used when any terms besides duration are being modified alongside the extension

2. Additional Obligations: Include when new obligations are being added as part of the extension

3. Payment Terms: Required if there are any changes to payment terms or new payments associated with the extension

4. Performance Review: Include when extension is conditional on past performance or sets new performance metrics

5. Regulatory Compliance: Include when extension needs to address specific regulatory requirements or changes

6. Force Majeure: Include if updating force majeure provisions in light of new circumstances

7. Dispute Resolution: Include if modifying or updating dispute resolution procedures

What schedules should be included in a Extension Agreement?

1. Schedule A - Original Agreement: Copy or summary of the original agreement being extended

2. Schedule B - Extension Terms: Detailed breakdown of extension terms including specific dates and deadlines

3. Schedule C - Modified Terms: If applicable, detailed listing of any terms being modified

4. Schedule D - Payment Schedule: If applicable, updated payment terms and schedules

5. Schedule E - Performance Metrics: If applicable, detailed performance requirements and metrics for the extension period

6. Appendix 1 - Required Notices: Forms of any required notices under Nigerian law

7. Appendix 2 - Regulatory Approvals: Copies of any required regulatory approvals for the extension

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions






























Clauses





























Relevant Industries

Real Estate

Oil and Gas

Manufacturing

Technology

Construction

Professional Services

Banking and Finance

Telecommunications

Healthcare

Education

Retail

Agriculture

Mining

Transportation and Logistics

Energy

Relevant Teams

Legal

Procurement

Operations

Commercial

Business Development

Compliance

Risk Management

Facilities Management

Human Resources

Contract Administration

Project Management

Finance

Corporate Affairs

Relevant Roles

Legal Counsel

Contract Manager

Business Development Manager

Chief Executive Officer

Chief Operating Officer

Procurement Manager

Project Manager

Commercial Director

Compliance Officer

Risk Manager

Operations Manager

Account Manager

Facility Manager

Human Resources Director

General Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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