The Amendment To Extend Term Of Agreement is commonly used when parties wish to continue their contractual relationship beyond the original termination date. This document type is particularly relevant in the United States where business relationships often evolve and require flexibility in contract duration. It serves as a formal modification to the original agreement's term while typically preserving all other terms and conditions. The amendment should be executed before the original agreement expires and must comply with applicable state and federal laws. This type of amendment is particularly useful for ongoing business relationships where the original terms remain satisfactory but additional time is needed to fulfill obligations or continue successful partnerships.
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1. Parties: Identification of all parties to the original agreement and amendment
2. Background: Reference to original agreement and reason for extension
3. Definitions: Key terms used in the amendment, including reference to original definitions
4. Extension Terms: Specific details of the term extension, including new expiration date
5. Effect on Original Agreement: Statement that all other terms remain in full force and effect
6. Execution: Signature blocks and date of amendment
1. Modified Terms: Any other terms being modified along with the extension
2. Consideration: Any new consideration being provided for the extension
3. Conditions Precedent: Any conditions that must be met before extension takes effect
1. Schedule of Updated Dates: Detailed timeline of extension and key dates
2. Schedule of Modified Terms: If applicable, detailed list of any other modified terms
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