The Extension of Time Addendum is a critical document used in Philippine business and legal practice when parties need to formally modify the completion timeline of an existing contract. It becomes necessary when project delays occur due to various factors such as force majeure events, technical challenges, regulatory issues, or mutual agreement between parties. This document type is particularly important in the Philippines, where strict compliance with civil law requirements for contract modifications is essential. The addendum must clearly reference the original agreement, specify the exact duration of the extension, and include all necessary authorizations and supporting documentation. It's commonly used in construction, infrastructure, and development projects where timeline adjustments are frequently needed due to various factors including weather conditions, supply chain issues, or regulatory requirements unique to the Philippine context.
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1. Parties: Identification of all parties to the original agreement and this addendum
2. Background: Reference to the original agreement, its date, and relevant circumstances necessitating the time extension
3. Definitions: Key terms used in the addendum, including reference to definitions from the original agreement
4. Extension of Time: Clear statement of the new timeline, including original completion date and revised completion date
5. Effect on Original Agreement: Confirmation that all other terms and conditions of the original agreement remain unchanged
6. Consideration: Statement of any consideration (if applicable) for the time extension
7. Authorization: Confirmation of authority to execute the addendum
8. Governing Law: Confirmation that Philippine law governs the addendum
9. Execution: Signature blocks and execution requirements
1. Additional Costs: Include when the time extension results in additional costs or price adjustments
2. Force Majeure: Include when the extension is due to force majeure events
3. Revised Payment Schedule: Include when payment terms need adjustment due to the time extension
4. Performance Security: Include when existing performance securities or bonds need to be extended
5. Waiver of Claims: Include when parties agree to waive claims related to the delay period
6. Conditions Precedent: Include when the extension is subject to certain conditions being met
1. Schedule A - Revised Project Timeline: Detailed breakdown of the new project schedule and milestones
2. Schedule B - Extension Justification Documents: Supporting documentation justifying the need for extension
3. Schedule C - Cost Impact Analysis: Detailed breakdown of any cost implications (if applicable)
4. Appendix 1 - Original Agreement: Copy of the original agreement being modified
5. Appendix 2 - Authorization Documents: Corporate authorizations or board resolutions approving the extension
Authors
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure Development
Real Estate
Energy
Manufacturing
Technology Implementation
Government Projects
Transportation
Telecommunications
Industrial Development
Public Works
Relevant Teams
Legal
Project Management
Operations
Procurement
Commercial
Compliance
Contract Administration
Risk Management
Technical Services
Business Development
Relevant Roles
Project Manager
Contract Administrator
Legal Counsel
Construction Manager
Site Supervisor
Chief Operating Officer
Program Director
Procurement Manager
Commercial Director
Operations Manager
Project Engineer
Risk Manager
Compliance Officer
Technical Director
Business Development Manager
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