A Letter of Intent for Extension of Contract is commonly used when parties wish to continue their contractual relationship beyond the original term but need time to finalize the detailed terms of the extension. This document, governed by English and Welsh law, typically includes the proposed duration of the extension, any modifications to existing terms, and conditions that need to be met before the formal extension takes effect. It provides a structured approach to contract renewal while maintaining legal clarity and protecting both parties' interests during the transition period.
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1. Date and Addressee Details: Full name and address of the recipient
2. Reference to Original Contract: Clear identification of the contract being extended, including original date and parties
3. Extension Terms: Specific details of the proposed extension period and any modified terms
4. Confirmation of Other Terms: Statement that all other original contract terms remain unchanged
5. Execution Requirements: How and when the recipient should indicate acceptance
1. Modified Commercial Terms: Any changes to pricing or commercial terms, to be included if commercial terms are being modified as part of the extension
2. Performance Review: Brief review of contract performance to date, to be included when extension is conditional on past performance
3. New Requirements: Any new operational or regulatory requirements, to be included when additional terms need to be incorporated
1. Schedule of Updated Rates: Detailed schedule of any pricing modifications being made as part of the extension
2. Performance Reports: Historical performance metrics and reports if extension is based on performance
3. Original Contract: Copy of the original contract document for reference purposes
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