A Purchase Agreement Extension is utilized when parties wish to continue their existing purchase arrangement beyond its original term. This document, governed by Singapore law, provides a formal mechanism to extend the duration while potentially updating terms, prices, or quantities. It's particularly relevant when the original agreement has performed satisfactorily and both parties wish to maintain their commercial relationship. The extension must comply with Singapore's legal framework, including the Sale of Goods Act and Contracts Act, while ensuring clear reference to the original agreement's terms.
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1. Parties: Identification of all parties to the extension agreement
2. Background: Reference to original agreement and reason for extension
3. Definitions: Key terms used in the extension agreement
4. Extension Term: Specific period of extension and its effective date
5. Continuing Effect: Confirmation of which original terms remain in effect
1. Modified Terms: Changes to original agreement terms, including any price adjustments or modified conditions
2. Additional Consideration: New payment terms or consideration required for the extension period
3. Performance Review: Assessment of past performance and any new performance requirements
1. Schedule 1 - Original Agreement: Copy of the original purchase agreement being extended
2. Schedule 2 - Updated Pricing Schedule: Modified pricing terms and conditions for the extension period
3. Schedule 3 - Performance Metrics: Updated performance requirements and measurement criteria
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