The "Extension of Agreement" clause stipulates that the existing contract may be prolonged beyond its original end date under certain agreed-upon conditions, which can include mutual consent, automatic renewal, or fulfillment of specific criteria. This clause ensures continuity in the business relationship, avoiding disruptions while providing an opportunity to renegotiate terms if needed.
1. Extension of Agreement End Date to January 15, 2024. Clause (ii) of Section 12.1(e) of the Original Agreement is hereby deleted and replaced in its entirety with the following new clause (ii): (ii) the Closing has not occurred on or before January 15, 2024 (the “Agreement End Date”), unless Acquiror is in material breach of this Agreement.
Extension of Agreement with Lonza Ltd. The agreement (the “Lonza Agreement”) of Palatin Technologies, Inc. (the “Company”) with Lonza Ltd. (“Lonza”) to manufacturer the Vyleesi® active drug ingredient was set to expire December 31, 2022. The Company engaged in discussions with Lonza and, on November 23, 2022, the Company and Lonza agreed to extend the term of the Lonza Agreement until June 30, 2024.
Extension of agreement with AFT Pharmaceuticals grants Desitin Arzneimittel GmbH exclusive license and supply rights for TMB-002 in Europe
Extension of Agreement with Chief Financial Officer On March 18, 2021, BioLargo, Inc. (“we”, or the “Company”) and our Chief Financial Officer Charles K. Dargan, II formally agreed to extend the engagement agreement dated February 1, 2008 (the “Engagement Agreement”, which had been previously extended multiple times), pursuant to which Mr. Dargan has been and continues to serve as the Company’s Chief Financial Officer. The Engagement Extension Agreement dated as of March 18, 2021 (the “Engagement Extension Agreement”) provides for an additional one-year term to expire January 31, 2022 (the “Extended Term”).
1. Extension of Agreement Term. The Agreement is hereby amended by deleting the second sentence of Section 1 and replacing it with the following: “The term of employment of Executive under this Agreement (the “Term”) shall be the period commencing on the Effective Date and ending on June 1, 2020, as may be extended in accordance with this Section 1 and subject to earlier termination in accordance with Section 4.”
5. Extension of Agreement End Date to July 15, 2023. Clause (ii) of Section 12.1(e) of the Original Agreement is hereby deleted and replaced in its entirety with the following new clause (ii): (ii) the Closing has not occurred on or before July 15, 2023 (the “Agreement End Date”), unless Acquiror is in material breach of this Agreement.
(g) NON-EXTENSION OF AGREEMENT. Upon the expiration of the Employment Term due to a non-extension of the Agreement by the Company or the Executive pursuant to Section 2 hereof.
5.6 Expiration of Employment Term; Non-Extension of Agreement. Automatically upon the expiration of the Initial Term or any then current Renewal Term due to a non-extension of the Agreement by the Company or Executive pursuant to the provisions of Section 2.2.
5.6 Expiration of Employment Term; Non-Extension of Agreement. Automatically upon the expiration of the Initial Term or any then current Renewal Term due to a non-extension of the Agreement by the Company or Executive pursuant to the provisions of Section 2.2.
An extension of agreement is a legal document or clause that prolongs the period of a current contract beyond its original end date. This extension can be for a specified period or indefinite, depending on the needs of the parties involved. The extension ensures that the terms and conditions of the original agreement continue to be enforceable during the extended period.
You should use an extension of agreement when both parties involved in a contract wish to continue their business relationship or services beyond the original contract’s end date. Common scenarios include:
When drafting an extension of agreement, ensure you include key elements:
Example:
Extension of Agreement
This Extension of Agreement is effective as of [Effective Date], by and between [Party A] and [Party B].
WHEREAS, the parties entered into an Agreement dated [Original Agreement Date].
NOW, THEREFORE, in consideration of the mutual covenants herein, the parties agree to extend the Agreement for an additional term of [Extended Duration].
Except as set forth in this Extension of Agreement, all terms and conditions of the original agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Extension of Agreement as of the day and year first above written.
[Signatures]
Extensions of agreement are commonly found in various types of contracts, including:
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The "Extension of Term" clause allows for the prolongation of a contract's duration beyond its original end date, often subject to mutual agreement between the involved parties. This clause outlines the conditions and procedures necessary to activate the extension, ensuring continuity of the contractual relationship.
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