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Extension Agreement for New Zealand

Extension Agreement Template for New Zealand

A formal legal document governed by New Zealand law that extends the duration and/or scope of an existing agreement between parties. The document maintains legal continuity while allowing for necessary updates or modifications to the original terms. It incorporates requirements under New Zealand contract law, including the Contract and Commercial Law Act 2017, and can be customized to address specific commercial needs while ensuring compliance with local regulatory requirements. The agreement provides clarity on the extended term, any variations to the original agreement, and confirms which original terms remain in force.

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What is a Extension Agreement?

The Extension Agreement is a crucial document used in New Zealand business practice when parties wish to continue their contractual relationship beyond the original term or modify existing arrangements while maintaining the fundamental structure of their relationship. It is particularly valuable when the original agreement has proven successful but requires updates to reflect current circumstances or when parties need more time to fulfill their obligations. This document type ensures compliance with New Zealand legal requirements, including the Contract and Commercial Law Act 2017, while providing flexibility to adjust terms as needed. The Extension Agreement typically includes details of the original agreement, the extension period, any modified terms, and confirmations of continuing obligations. It's commonly used across various sectors from property leases to service contracts, and can range from simple term extensions to more complex arrangements involving updated commercial terms.

What sections should be included in a Extension Agreement?

1. Parties: Identifies and defines all parties to the extension agreement, including their legal names, addresses, and any registration numbers

2. Background: References the original agreement being extended, its date, and summarizes the parties' intention to extend the agreement

3. Definitions: Defines key terms used in the extension agreement, including references to defined terms in the original agreement

4. Extension Term: Specifies the duration of the extension period and any conditions attached to it

5. Confirmation of Original Terms: Confirms which terms from the original agreement remain in force during the extension period

6. Variations to Original Agreement: Details any modifications to the original agreement terms that will apply during the extension period

7. Effect of Extension: Clarifies the legal effect of the extension and its relationship to the original agreement

8. Execution: Formal signing section including date and signature blocks for all parties

What sections are optional to include in a Extension Agreement?

1. Additional Consideration: Required when there are new or modified payment terms or other consideration for the extension period

2. Conditions Precedent: Include when the extension is subject to certain conditions being met before it becomes effective

3. Performance Review: Used when the extension is contingent on or follows a review of performance under the original agreement

4. Further Extensions: Include when providing for the possibility of future extensions beyond this current extension

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

6. Warranties: Include when parties need to provide fresh warranties for the extension period

7. Notices: Include if there are changes to the notice provisions or contact details from the original agreement

What schedules should be included in a Extension Agreement?

1. Schedule 1 - Original Agreement: Attach a copy of the original agreement being extended

2. Schedule 2 - Updated Commercial Terms: Details any modified pricing, payment terms, or commercial arrangements for the extension period

3. Schedule 3 - Performance Metrics: If applicable, outlines any updated performance criteria or service levels for the extension period

4. Schedule 4 - Amended Terms: Detailed list of specific clauses from the original agreement that are being modified

5. Appendix A - Consent Documents: Any third-party consents or regulatory approvals required 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

New Zealand

Publisher

Ƶ

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions


























Clauses

























Relevant Industries

Real Estate and Property

Construction

Information Technology

Professional Services

Manufacturing

Retail and Consumer Goods

Healthcare

Education

Financial Services

Telecommunications

Energy and Utilities

Agriculture

Transport and Logistics

Relevant Teams

Legal

Commercial

Procurement

Operations

Business Development

Compliance

Risk Management

Finance

Property Management

Contract Administration

Sales

Corporate Services

Relevant Roles

Contract Manager

Legal Counsel

Commercial Manager

Business Development Manager

Procurement Manager

Operations Manager

Project Manager

Relationship Manager

Compliance Officer

Risk Manager

Chief Financial Officer

General Manager

Company Secretary

Property Manager

Account Executive

Sales Director

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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