Legal Definitions - extension agreement

An extension agreement is a legal document that provides additional time for the performance of a basic agreement. It is a written agreement between two parties that extends the deadline for the completion of a project or task.

• Example 1: A construction company and a client sign a contract to build a house within six months. However, due to unforeseen circumstances, the construction company requests an extension of two months to complete the project. The client agrees to the extension and signs an extension agreement.
• Example 2: A tenant and a landlord sign a lease agreement for one year. The tenant wants to stay for an additional six months, so they request an extension agreement from the landlord. The landlord agrees to the extension, and they sign a new agreement.

These examples illustrate how an extension agreement can be used to modify the terms of an existing agreement. In both cases, the parties involved agreed to extend the deadline for the completion of a project or task. This allowed them to continue working together and avoid any legal disputes that may have arisen if the original agreement was not fulfilled on time.