The Contract Extension Addendum is a critical document used when parties wish to extend their contractual relationship beyond the original termination date without negotiating an entirely new contract. This document type is commonly used in the Philippines business environment and must comply with the Civil Code of the Philippines and related contract laws. It's particularly useful when the original contractual arrangement has been successful and parties wish to maintain their relationship with minimal changes. The addendum typically specifies the new duration, references the original agreement, and can include updates to specific terms while keeping the core agreement intact. It's essential for business continuity and relationship management, offering a streamlined alternative to full contract renegotiation.
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1. Parties: Identification of all parties to the original contract who are agreeing to this extension
2. Background: Reference to the original agreement, its date, and brief context for the extension
3. Definitions: Key terms used in the addendum, including reference to definitions in the original agreement
4. Extension Term: Clear specification of the new termination date or extended duration
5. Continuation of Original Terms: Confirmation that all other terms and conditions of the original agreement remain in full force and effect
6. Entire Agreement: Statement that this addendum forms part of the original agreement
7. Execution: Signature blocks for all parties
1. Modified Terms: Used when specific terms besides duration need to be modified along with the extension
2. Additional Consideration: Include when there are new financial terms or consideration for the extension period
3. Performance Review: Used when the extension is conditional on past performance or sets new performance metrics
4. Regulatory Compliance: Include when extension needs to address new regulatory requirements that have come into effect
5. Early Termination Rights: Used when parties want to include new termination provisions for the extension period
6. Notices: Include if there are changes to the contact information or notice requirements
1. Schedule A - Original Agreement: Copy of the original agreement being extended
2. Schedule B - Updated Pricing: If applicable, new pricing terms for the extension period
3. Schedule C - Performance Metrics: If applicable, updated performance criteria or service levels for the extension period
4. Appendix 1 - Authorization Documents: Any corporate authorizations or board resolutions required for the extension
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Manufacturing
Professional Services
Information Technology
Retail
Construction
Healthcare
Education
Telecommunications
Financial Services
Logistics
Agriculture
Energy
Relevant Teams
Legal
Procurement
Operations
Finance
Compliance
Commercial
Administration
Risk Management
Business Development
Contract Administration
Corporate Secretariat
Relevant Roles
Legal Counsel
Contract Manager
Business Development Manager
Procurement Manager
Operations Director
Chief Financial Officer
Company Secretary
Compliance Officer
Project Manager
Account Manager
Commercial Director
General Manager
Risk Manager
Corporate Counsel
Administrative Officer
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