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The term "extension" may also refer to a new agreement concluded by the same parties as part of the original contract, replacing or supplementing the original contract. This type of extension is called a "supplementary agreement".

“Extension” normally refers to a lengthening of time for an existing contract. “Renewal” normally contemplates an entirely new contract. This can be a distinction without a difference in some situations, but in complicated contracts it can have legal consequences.

An extension option is a legal right within a contract for one of the parties to extend the term of the contract for a specified period. It is usual for Commonwealth standard contracts to provide that exercising an extension is at the Commonwealth's discretion.

There is usually one of two reasons for extending a contract. You'll either need more time to complete the terms of the contract or you'll want to continue a strong business relationship beyond the initial terms of the contract.

A contract extension agreement must contain: Names, addresses, and signatures of the contracting parties. Name, start date, and end date of the original contract. End date of the extension period. Changes to the contract including addition, removal, and deletion of the terms agreed upon in the original contract.

A contract extension is an agreement between the parties to an existing contract to extend the terms of that agreement for an additional period of time. The duration of the extension is specified in the extension agreement. In some cases, the extension does no more than extend the termination date of the contract.

A contract extension is an agreement between the parties to an existing contract to extend the terms of that agreement for an additional period of time. The duration of the extension is specified in the extension agreement. In some cases, the extension does no more than extend the termination date of the contract.