Purchase Agreement Extension

Purchase Agreement Extension Template for Singapore

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Key Requirements PROMPT example:

"Need a Purchase Agreement Extension for our manufacturing equipment supply contract with ABC Manufacturing Ltd, extending the current arrangement for 2 more years from March 2025, with a 5% price increase and updated delivery schedules."

Document background

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.

Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Retail
Technology
Distribution

Relevant Teams

Procurement
Legal
Finance
Operations
Supply Chain

Relevant Roles

Procurement Manager
Commercial Director
Supply Chain Manager
Contract Manager

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Let's create your Purchase Agreement Extension

Authors

Alex Denne

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