Addendum For Extension Of Agreement Template for Canada

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Key Requirements PROMPT example:

Addendum For Extension Of Agreement

"I need an Addendum For Extension Of Agreement to extend our existing IT services contract with TechCorp Solutions Inc. for an additional 24 months starting March 1, 2025, with a 5% annual price increase and updated service level requirements under Canadian law."

Document background
The Addendum For Extension of Agreement is commonly used in Canadian business transactions when parties wish to continue their contractual relationship beyond the original term without negotiating an entirely new agreement. This document type is particularly valuable when the original agreement's terms remain satisfactory but require an extended duration. It's essential in various contexts, from commercial leases to service agreements, and must comply with Canadian contract law principles, including consideration requirements and proper execution formalities. The addendum typically includes reference to the original agreement, specific extension terms, any modifications necessary for the extension period, and appropriate authorization provisions. It's particularly important in Canadian jurisdictions where certain contract modifications must be documented in writing to be enforceable.
Suggested Sections

1. Parties: Identification of all parties to the original agreement and confirmation that they remain the same for the extension

2. Background: Reference to the original agreement including its date, parties, and subject matter, and brief statement of the intention to extend

3. Definitions: Key terms used in the addendum, incorporating definitions from the original agreement and any new terms specific to the extension

4. Extension Term: Specific details of the extension period, including start and end dates

5. Continuation of Terms: Confirmation that all other terms and conditions of the original agreement remain in full force and effect

6. Consideration: Statement of any additional consideration or payment terms related to the extension

7. Authorization: Confirmation that the parties have necessary authority to extend the agreement

8. Execution: Signature blocks and execution requirements

Optional Sections

1. Modified Terms: Used when any terms of the original agreement are being modified along with the extension

2. Additional Provisions: Used when new terms or conditions are being added specific to the extension period

3. Price Adjustments: Include when the extension involves changes to pricing or payment terms

4. Performance Review: Used when the extension is conditional upon review of past performance

5. Regulatory Compliance: Include when extension needs to address new regulatory requirements

6. Early Termination Rights: Used when specific termination rights during the extension period need to be addressed

7. Notice Requirements: Include when modification to notice requirements is needed for the extension period

Suggested Schedules

1. Schedule A - Original Agreement: Copy or reference to the original agreement being extended

2. Schedule B - Updated Timeline: If applicable, revised project timeline or milestone dates for the extension period

3. Schedule C - Revised Pricing: If applicable, updated pricing structure or payment schedule for the extension period

4. Appendix 1 - Authorization Documents: Any corporate resolutions or authorization documents required for the extension

5. Appendix 2 - Performance Reports: If extension is based on performance, relevant performance documentation or metrics

Authors

Alex Denne

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

Relevant Industries

Information Technology

Manufacturing

Real Estate

Professional Services

Healthcare

Construction

Retail

Financial Services

Telecommunications

Energy

Transportation

Education

Agriculture

Mining

Entertainment

Relevant Teams

Legal

Procurement

Operations

Finance

Commercial

Risk Management

Compliance

Sales

Supply Chain

Business Development

Contract Administration

Project Management

Relevant Roles

Legal Counsel

Contract Manager

Business Development Manager

Procurement Manager

Operations Director

Project Manager

Account Executive

Chief Financial Officer

Commercial Director

Risk Manager

Compliance Officer

General Manager

Sales Director

Supply Chain Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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