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What Is an Extension Agreement?
In schools, students tend to complain about school assignments and project deadlines. Is the pupil completing a five-page essay over the weekend? It seems impossible at first, but it is actually doable. However, not all students—and even working adults doing postgraduate studies—have the luxury to finish the assigned task in a limited timeframe. Some activities require extensions, but with the approval of the selected authority. Besides learners and universities, different situations arise that need extension agreements to have completion.
An extension agreement contains provisions and conditions which lengthen the duration of an ongoing contract. In many cases, extension agreements permit businesses to continue projects, programs, and plans. Moreover, the document is not limited to the business industry. The agreement can be for tenants, students, borrowers, and even athletes. Situations entailing adjustments, especially with the time allotment, can use this material to reorganize the arrangements to the convenience of everyone involved.
Extending the Deal: Parties Applying for Extension Agreements
Whenever different parties proceed with an agreement, they concur on definite conditions and protocols that positively affect their respective goals. In particular, contracts and agreements have a predetermined end-date. But in exceptional circumstances, necessary exemptions are possible with specified arrangements—in this sense, extensions. For instance, many athletes, notably the ones with extremely excellent records in their fields, have contract extensions from their management or teams. Giannis Antetokounmpo, the Milwaukee Bucks star player, is up to sign the largest contract deal in the basketball world. The veteran player can acquire the contract extension known as the “supermax” contract when his current arrangement expires in 2020. For this contract, the basketball superstar receives a higher salary rate. So, which parties often apply for extension agreements with their partners or clients?
Agreeing to Extend: The People Using the Document
With the changes in the environment, businesses are looking for better ways to save energy and lessen carbon emissions. After all, human beings are responsible for protecting Mother Earth from more damages. In an effort to do good for the community and the environment, Trecora Resources—one of the leading petrochemical manufacturing companies in the world—has decided to extend its partnership with Martin Operating Partnership L.P., a supplier for natural gasoline. According to the company’s CEO, Pat Quarles, the multi-year contract extension is a favorable step for better feedstock costs, feed flexibility, and feedstock savings. Significantly, extension agreements are convenient for different people in a deal. So, who else uses this document for business and personal reasons?
Singers, performers, actors, and actresses with commitments to various projects they can’t complete in time should ask for extensions from directors and producers. Although doing this has repercussions, such as extra expenses and changes in schedules, it can still work. But the final decision still lies in the demands of the people on set. The artists might try to push back some deadlines with the help of extension agreements with the management.
As mentioned before, businesses form alliances over similar projects and goals. However, constraints in the procedures will affect the flow of work. With that, entrepreneurs can apply for extensions on completion dates of projects. Before doing so, both companies have done research and estimations to shoulder the changes. On the other hand, businesses relying on suppliers for particular materials and goods can also employ an extension agreement.
Undergraduates and postgraduate students can ask for an extension when it comes to academic deadlines. Some learners ask for more hours, days, or weeks before the submission of the final paper. This situation does not require contract forms, and the agreement can be verbal. However, some cases need documents as proof of the said agreement. Hence, whipping up the material will be useful.
Extension agreements are popular among athletes. Many baseball stars, football players, and basketball superstars get to sign this deal, especially if the team wants the personalities to remain in their care. The managers make the arrangements with the other officers when it comes to the extension of the start athlete. Often, extensions provide more benefits to the player, such as an increase in pay or more publicity.
Tenants with interest in staying in the apartment or room for some months should get extension agreements with the building administrator. While renewing a lease is an option, having extensions can work especially for renters with a history of traveling or otherwise. If the homeowner renews the contract and has to leave in the next two weeks, the effort will become fruitless. Instead of having another contract, an extension becomes the better choice.
How to Create an Extension Agreement?
Although it looks easy to write, extension agreements are tricky to create, especially with the new information that needs to be in the contract. Both parties have sides to take on the extension agreement, and each of them should get a fair share of the benefits. Thus, formulating an intensive extension agreement for the benefit of everyone involved takes time. So, what are the steps to complete to make the extension agreement agreeable to all the parties?
Step 1: State the Purpose and Reasons for the Extension
When creating the document to add in the contract, you have to state the purpose of the extension clearly. By enumerating the reasons and explaining the points, the two parties will understand the things at stake. For instance, extending the stay of a tenant for one more month after the expiration of the contract. You have to make sure that each section contains details for the intended extension.
Step 2: Set the New Guidelines
If the party requests an extension in the contract, the other group can confirm or refuse the appeal. However, when the sides are favorable for both entities setting new guidelines is essential. Extensions agreements, particularly in cases of athletes, have different deals. Therefore, stipulating new rules and conditions helps both businesses or individuals safeguard their assets and resources.
Step 3: Reiterate the Retained Sections and Arrangements
Since this document becomes an extension to the previous agreement, you have to mention the retained sections and classifications. As some of the content in the current contract still holds value to the partnership, it should be on the new and comprehensive material. If the portion is unnecessary, then refrain from adding the pages in the new agreement.
Step 4: Include Countermeasures and Plans
As a precautionary measure, you have to include contingency plans such as countermeasures if the other party breaches the new agreement. Doing this protects not only everyone but also lessens the liabilities of each party. When the two groups are not satisfied with the content, they can revise it before signing anything.
Do extensions in contracts apply during pandemics?
With the ongoing battle against the COVID-19, businesses have to weigh the different outcomes and scenarios in the industry. Many companies are considering the extension of plans and projects because of the situation. Contracts containing the force majeure or Act of God clause can implement changes in the said agreement between two or more parties. Since the government forces businesses to halt operations temporarily, these owners cannot disobey the directives of the designated authorities.
What’s the difference between extending and renewing an agreement or contract?
Unlike an extension agreement, renewals recreate the whole legality of the deal. While extension agreements allow changes in the said document, renewals have no revisions unless stated otherwise. Renewal agreements focus on continuing the current arrangement, and extension agreements lengthen the time frame but with some modifications. Both parties should be certain about the agreement they will create for their partnership.
Do I need an attorney for extension agreements?
To ensure the preparedness and consistency of the document, having a legal counsel and attorney would be helpful. As lawyers have more information in the field of contracts and agreements, consulting one can ease the pressure. Once you have the document, you can ask the attorney to check the material to correct errors and then add details.
Is having a copy of the agreement necessary?
Yes, having a copy of the extension agreement is important for both parties. The copy represents itself as a guide for the convenience of the people involved in the dealing. Moreover, the other individual can check the situation and progress using the material. Without this document, knowing the state of the affairs or project will be more complicated.
When needed, people go through daring heights to accomplish all their objectives in life. Individuals take risks and opportunities to reach their desired destination. And if required, they can amend the situation to find approaches that work to their advantage—even applying for various deals and contracts. Having an extension agreement is necessary when the favorable time lacks a little bit of push. In conclusion, people can achieve their dreams with the right combination of determination, patience, and professional tools.