An Extension Agreement is utilized when parties wish to continue their contractual relationship beyond the original term without negotiating an entirely new agreement. This document type is particularly relevant under Maltese law, where it serves as a formal mechanism to extend existing contractual arrangements while ensuring compliance with both domestic legislation and EU regulations. The agreement typically specifies the new duration, any modified terms, and confirms the continued validity of the original agreement's provisions. It's commonly used in commercial relationships, property leases, service agreements, and other ongoing business arrangements where continuity is desired. The Extension Agreement must comply with Malta's Civil Code requirements and may need to address specific regulatory considerations depending on the industry sector. It's particularly important in Malta's regulated industries such as financial services, gaming, and maritime sectors, where contractual clarity and regulatory compliance are paramount.
Extension Agreement for Malta
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Key Requirements PROMPT example:
Extension Agreement
"I need an Extension Agreement under Maltese law to extend our existing software licensing agreement with TechCore Solutions Ltd for an additional two years until March 15, 2025, with an updated pricing structure and maintenance terms."
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1. Parties: Identification of all parties to the agreement, including their full legal names, registration numbers (if applicable), and registered addresses
2. Background: Recitals explaining the context of the original agreement, its date, and the parties' intention to extend it
3. Definitions: Key terms used in the extension agreement, including reference to definitions from the original agreement that remain applicable
4. Extension Term: Clear specification of the new duration of the agreement, including start and end dates of the extension period
5. Continued Effect: Confirmation that all other terms and conditions of the original agreement remain in full force and effect except as modified by this extension
6. Consideration: Details of any payment or other consideration for the extension, if applicable
7. Representations and Warranties: Confirmation that any original representations and warranties remain true and accurate as of the extension date
8. Governing Law and Jurisdiction: Confirmation that Maltese law continues to govern the agreement and jurisdiction remains with Maltese courts
9. Execution: Signature blocks for all parties and execution requirements
1. Modified Terms: Include this section if any terms from the original agreement are being modified as part of the extension
2. Additional Terms: Include this section if new terms are being added as part of the extension
3. Regulatory Compliance: Include if the extension needs to address specific regulatory requirements or changes since the original agreement
4. Performance Review: Include if the extension is conditional upon or follows a review of performance under the original agreement
5. Break Clause: Include if parties want the ability to terminate the extension early under specific circumstances
6. Price Adjustment: Include if there are any price or payment term modifications for the extension period
7. Conditions Precedent: Include if the extension is subject to certain conditions being met
1. Schedule 1 - Original Agreement: Copy or reference to the original agreement being extended
2. Schedule 2 - Modified Terms: Detailed list of any terms being modified, if applicable
3. Schedule 3 - Updated Pricing: New pricing structure or rates for the extension period, if changed
4. Schedule 4 - Performance Metrics: Updated or continued performance metrics for the extension period, if applicable
5. Appendix A - Required Notices: Forms or templates for any notices required under the extension
6. Appendix B - Compliance Certificates: Any certificates or documents required to prove ongoing compliance
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Gaming and iGaming
Real Estate and Property
Information Technology
Professional Services
Manufacturing
Maritime and Shipping
Healthcare
Telecommunications
Construction
Hospitality and Tourism
Retail and Distribution
Relevant Teams
Legal
Compliance
Commercial
Operations
Finance
Procurement
Risk Management
Business Development
Contract Administration
Corporate Secretariat
Project Management
Account Management
Relevant Roles
Legal Counsel
Contract Manager
Commercial Director
Compliance Officer
Chief Executive Officer
Chief Financial Officer
Business Development Manager
Operations Director
Procurement Manager
Risk Manager
Company Secretary
General Manager
Project Manager
Account Manager
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