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.
Non-Extension of Term by the Company. The Company may give notice of non-extension to the Executive pursuant to Section 2(b). For the avoidance of doubt, non-extension of the Term by the Company shall not constitute termination by the Company without Cause.
Non-Extension of Term by the Executive. The Executive may give notice of non-extension to the Company pursuant to Section 2(b). For the avoidance of doubt, non-extension of the Term by the Executive shall not constitute resignation with Good Reason.
3.2 Notice and Extension of Term of Supplements. CoreLogic may, at its sole option, extend the Term of any Supplement for up to two (2) successive periods of one (1) year each on the terms and conditions then set forth in this Agreement and such Supplement by providing Supplier ninety (90) days written notice prior to the end of the applicable term expiration."
Extension of Term; Option Terms. .Extension of Term. Landlord and Tenant acknowledge that the Term is scheduled to expire on April 30, 2021. Notwithstanding anything to the contrary contained in the Lease, Tenant has exercised a Renewal Option under the Lease to extend the term for the second Extension Term of five (5) additional years commencing on May 1, 2021 and ending on April 30, 2026, unless sooner terminated in accordance with the terms of the Lease. The second Extension Term shall be subject to the existing terms and conditions of the Lease, except that the Base Rent shall be adjusted as set forth in Section 2 below. In addition, any reference in the Lease to the “Term” or words of similar import shall mean the Term together with the second Extension Term (and, if exercised, the third Extended Term), unless the context clearly indicates otherwise.
EXTENSION OF TERM: The Term shall be extended for a period of two (2) years commencing on December 1, 2019 (the “Effective Date”) and ending on November 30, 2021 (the “Extension of Term”).
Extension of Term Loan B-2 We recently launched an amendment with respect to our credit agreement to extend our term “B-2” loan tranche that is scheduled to mature in January 2026 (the “Term Loan B-2”). As of June 30, 2020, the aggregate outstanding principal amount of our Term Loan B-2 was approximately $246.9 million. We are seeking to extend the scheduled maturity of our Term Loan B-2 to the date in 2027 that is the seventh anniversary of the effective date of the amendment (the “B-2 Extension”).
The Extension of Term granted to the Tenant shall be deemed to be a personal right of the Tenant and shall not be assignable or transferable by the Tenant nor shall it pass to or devolve upon any assignee or transferee of this Lease or of the rights granted thereby or subtenant of the whole or a portion of the Premises.”
RE: Professional Services Agreement- Extension of Term and Revised Retainer Rate Kelli, This letter confirms our discussion regarding the extension of your Professional Services Agreement dated January 1, 2021, as amended, between Rare Element Resources Inc. (the “Company”) and you (the “Agreement”). As we agreed, the Agreement term shall continue through December 31, 2024, unless otherwise terminated pursuant to the terms of the Agreement. Further, I’m pleased to advise you that your updated retainer is based upon an annual rate of $255,000 as of January 1, 2024. This Agreement extension shall be effective as of January 1, 2024. All other terms shall remain unaltered by this extension.
FORM OF EXTENSION OF TERM OF EMPLOYMENT PERIOD MEMORANDUM To: From: Patricia Smith Lawler, EVP/Human Resources Division Re: Extension of Employment Period Date: July ___, 2019 The Board of Directors of BankFinancial, NA (the “Bank”) and its Human Resources Committee have completed their annual review of your Employment Agreement with the Bank dated _____________, and have determined to offer to amend your Employment Agreement (1) to extend the term of the “Employment Period” as referenced in Section 2(a) of your Employment Agreement to ______________; and, (2) to remove the words “was or” in the two places those words appear in Section 8(b) Non-Solicitation.
EXTENSION OF TERM. The Term of the Agreement is hereby extended for three (3) additional years and shall end on June 5, 2027, unless earlier terminated pursuant to Section 5 of the Agreement (the “Extended Term”).
SUBJ: CAD$3,000,000 Series ‘“A” Debenture, dated September 30, 2013, Extension of Term Due Date to December 1, 2023 Dear Mr. Asher, We want to thank you for your communication of September 28, 2021 in which your company, Novo Healthnet Limited, requested an extension of full and final payment with respects to the Series “A” Debenture, dated September 30, 2013 (the “Debenture”), with an original principal amount of CAD$3,000,000 and an original term due date of September 30, 2016.
Extension of Term. The Parties agree to extend the Term for the Fontana Warehouse through December 20, 2019.
Extension of Term. The term of the lease is hereby extended for a period of three (3) years commencing November 1, 2023. And expiring October 31, 2026 (the "extended term").
Extension of Term: The term of the Original Agreement is hereby extended for an additional period commencing from the expiration of the original term until December 31, 2024.
Extension of Term If, prior to the Expiry Date, the parties agree in writing that this Agreement is to have effect for a mutually agreed period after the Expiry Date, then this Agreement, unless terminated earlier in accordance with the provisions of this Agreement, remains in force until the expiration of that further period.
Extension of term. The parties herein mutually agree to extend the term of the aforementioned Term Sheet for an additional period as follows: (i) to complete preparation of the Transaction Documents on or before March 15, 2024 (“Completion Date”), unless otherwise agreed to in writing by the parties; (ii) to finalize all pre-closing deliverables as set forth in the Transaction Documents; and (iii) to close the transactions contemplated hereby and execute and deliver the Transaction Documents on or before March 31, 2024 (the “Closing Date” or the “Closing”); and the Term Sheet may be terminated upon written notice upon the occurrence of any breaches hereunder, or under any document or instrument delivered in connection herewith, or other material adverse changes, or if the Closing has not occurred on or before April 30, 2024.
Extension of Term of 37th Floor Premises. (a) The term of the Lease with respect to the 37th Floor Premises is hereby extended upon and subject to the terms, covenants and conditions of the Lease, as amended by this Amendment, for an extension term (the "37th Floor Extension Term") commencing on July 1, 2021 (the "37th Floor Extension Term Commencement Date") and ending on March 31, 2022 (the "37th Floor Expiration Date"), which date shall be deemed the Expiration Date for the 37th Floor Premises for all purposes under the Lease, unless sooner terminated in accordance with the terms of the Lease or pursuant to law.
An Extension of Term refers to a contractual agreement where the duration of an existing contract is lengthened beyond its original endpoint. This change allows for continued cooperation, service, or use under the same or revised terms and conditions, without requiring a completely new contract to be negotiated and signed.
An Extension of Term should be used when there is a mutual agreement between parties that the objectives of the original contract have not yet been fully achieved, or when both parties wish to continue their partnership without the disruption of negotiating a new contract. Situations ideal for using an extension include:
When writing an Extension of Term, it is essential to clearly state the new duration and any revisions to the existing conditions. The extension should be documented formally, often as an addendum or amendment to the existing contract. Key components include:
Example:
EXTENSION OF TERM AGREEMENT
This Extension of Term is made by and between [Party A] and [Party B], effective as of [Date].
WHEREAS, the parties entered into a contract dated [Original Contract Date] (the “Original Agreement”);
NOW, THEREFORE, the parties agree to extend the term of the Original Agreement to [New End Date], and amend the following terms:
- [Any specific terms or conditions being changed]
IN WITNESS WHEREOF, the parties have executed this Extension of Term on [Date].
Signature of Party A
Signature of Party B
Contracts in various sectors may include or be subject to an Extension of Term, such as:
These extensions ensure continuity and help maintain professional relationships by adapting to evolving business needs.
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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 Exterior Signage clause outlines the specific requirements, guidelines, and approvals necessary for placing and maintaining external signs on a property. It specifies the permissible size, design, location, and the process for obtaining consent from relevant parties or authorities.
A facsimile signature clause stipulates that signatures transmitted via fax or other electronic means are considered legally binding and equivalent to original handwritten signatures. This provision facilitates quicker contract execution by recognizing electronic copies of signatures in legal documents.
The "Fees And Expenses" clause outlines the obligations of each party regarding the payment of fees and expenses incurred during the execution of a contract. It typically specifies what costs will be covered, who is responsible for them, and the timelines for payment.
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