1. Overview Long after the contract has been signed, the parties may find that a change in events makes it impossible to fulfil their obligations within the agreed period. On the other hand, an increase in the needs of the parties may encourage the parties to expand their relationship beyond their initial parameters. If the parties agree to the change and sign additional documents, the term of an existing agreement can be extended Create a contract renewal contract to extend the term of your existing contract. If you`re happy with an existing contract about to end or want to make a few changes that extend the termination date, it`s often easier to have a contract renewal contract than to write a brand new contract or an additional contract modification document. Your renewal contract should contain details such as: the effective date of the renewal agreement; the names and addresses of the parties concerned and their signatories; the name and date of the original contract; the end date of the original contract; the end date of the extension; and any changes to the provisions of the original document (indicate exactly which part will be modified, added or deleted). You may want to add the original document to the renewal agreement so that you can clearly see what changes have been made. Other names of this document: letter of renewal of the contract, renewal of the contract agreement The parties who have signed an agreement that expires after a certain period of time may find that their employment relationship is going so well that they wish to cooperate beyond the duration of the initial contract. A renewal of the contract can achieve this. You can also attach the original contract to the renewal contract.

In many situations, a contract renewal contract can be used to continue a business relationship without the need to start from scratch with an entirely new contract. At some point after a contract has been signed, it may turn out that the deadlines set out in the agreement are not sufficient to complete the tasks. For example, in the case of a construction contract, both parties expected that state approvals could be obtained within 30 days, but a few days after the contract, it is clear that the authorization procedure will take twice as long. . . .