The Extension Agreement is a crucial document used in Saudi Arabian business and legal practice when parties wish to continue their contractual relationship beyond the original term. This document type is particularly important in Saudi Arabia where contract modifications must explicitly comply with both civil law requirements and Sharia principles. The Extension Agreement serves to formally document the parties' agreement to continue their relationship, specify any modifications to the original terms, and ensure continued regulatory compliance. It's commonly used when the original agreement is approaching its expiration date but the business relationship remains valuable to all parties. The document must be carefully drafted to address Saudi Arabian legal requirements, including proper execution formalities, consideration aspects, and any necessary regulatory approvals.
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1. Parties: Identification of all parties to the extension agreement, which must match the original agreement parties unless properly assigned/transferred
2. Background: Reference to the original agreement, its date, and brief description of why an extension is needed
3. Definitions: Key terms used in the extension agreement, including reference to definitions in the original agreement
4. Extension Term: Clear specification of the new term/duration of the agreement
5. Continuing Effect: Confirmation that all other terms and conditions of the original agreement remain in full force and effect
6. Consideration: Statement of any consideration (if applicable) for the extension to ensure compliance with Sharia principles
7. Authority: Confirmation of the authority of each party to enter into the extension agreement
8. Governing Law: Confirmation of Saudi law as governing law and reference to Sharia principles
9. Execution: Signature blocks and execution formalities compliant with Saudi law requirements
1. Modified Terms: Include if any terms other than duration are being modified as part of the extension
2. Additional Obligations: Include if parties are taking on any new obligations during the extended term
3. Performance Review: Include if the extension is conditional on past performance or includes performance criteria
4. Payment Adjustments: Include if there are any changes to payment terms or pricing for the extended period
5. Regulatory Compliance: Include if specific regulatory requirements need to be addressed for the extension period
6. Third Party Approvals: Include if the extension requires any third party or regulatory approvals
1. Original Agreement: Copy of the original agreement being extended
2. Updated Commercial Terms: Schedule detailing any modified commercial terms for the extension period
3. Performance Metrics: If applicable, updated or continuing performance criteria for the extended term
4. Required Approvals: List of any required governmental or third-party approvals
5. Compliance Certificates: Any required certificates or documentation proving compliance with Saudi regulations
6. Updated Timeline: Schedule showing key dates and milestones for the extended term
Relevant legal definitions
Clauses
Relevant Industries
Oil and Gas
Construction
Financial Services
Healthcare
Technology
Manufacturing
Real Estate
Infrastructure
Telecommunications
Government Services
Education
Transportation
Retail
Professional Services
Relevant Teams
Legal
Commercial
Compliance
Finance
Operations
Business Development
Risk Management
Project Management
Corporate Affairs
Procurement
Contract Administration
Relevant Roles
Legal Counsel
Contract Manager
Commercial Director
Chief Executive Officer
Chief Financial Officer
Business Development Manager
Compliance Officer
Project Manager
Operations Director
General Manager
Legal Director
Risk Manager
Corporate Secretary
Commercial Manager
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