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Contract Extension Addendum
"I need a Contract Extension Addendum for a software services agreement with our IT vendor, extending the current contract for 2 additional years until March 15, 2025, with a 5% annual price increase and updated service level requirements."
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, its date, and key terms, establishing the context for the extension
3. Definitions: Key terms used in the addendum, incorporating definitions from the original agreement and any new terms
4. Extension Term: Clear statement of the new duration of the agreement and effective date of the extension
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 consideration or payment terms for the extension period
7. Authority: Confirmation that signatories have necessary authority to execute the extension
8. Governing Law: Reaffirmation of Qatar law as the governing law
9. Execution: Signature blocks and execution requirements compliant with Qatar law
1. Modified Terms: Include only if any terms of the original agreement are being modified along with the extension
2. Additional Obligations: Include if new obligations are being added for the extension period
3. Performance Review: Include if the extension is conditional on past performance review
4. Price Adjustments: Include if there are any price or payment term modifications for the extension period
5. Notices: Include if there are any changes to the notice details of the parties
6. Regulatory Compliance: Include if specific Qatar regulatory requirements need to be addressed for the extension period
1. Schedule 1 - Original Agreement: Copy of the original agreement being extended
2. Schedule 2 - Updated Commercial Terms: If applicable, detailed listing of any updated pricing, payment terms, or commercial conditions
3. Schedule 3 - Performance Report: If extension is performance-based, inclusion of relevant performance metrics and achievements
4. Appendix A - Authorization Documents: Copies of any required authorization documents, board resolutions, or powers of attorney required under Qatar law
5. Appendix B - Regulatory Approvals: Copies of any required regulatory approvals or permits for the extension period
Authors
Oil and Gas
Construction
Financial Services
Real Estate
Healthcare
Information Technology
Telecommunications
Manufacturing
Retail
Professional Services
Transportation and Logistics
Education
Hospitality
Energy and Utilities
Legal
Procurement
Commercial
Operations
Finance
Compliance
Risk Management
Business Development
Project Management
Contract Administration
Legal Counsel
Contract Manager
Procurement Manager
Business Development Manager
Commercial Director
Chief Executive Officer
Chief Financial Officer
Operations Manager
Project Manager
Account Manager
Compliance Officer
Risk Manager
General Manager
Managing Director
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