The Letter Of Intent For Extension Of Contract is a crucial business document used in Indonesian commercial practice when parties wish to formally communicate their intention to extend an existing contractual arrangement. This document is particularly relevant when the original contract is approaching its expiration date and parties need time to negotiate detailed terms of the extension while ensuring business continuity. It typically includes references to the original contract, proposed extension period, any intended modifications to existing terms, and the timeline for finalizing the formal extension. Under Indonesian law, particularly the Civil Code (KUH Perdata) and Law No. 24 of 2009, such documents should be in Bahasa Indonesia or bilingual if involving foreign parties. While primarily non-binding, certain provisions like confidentiality and exclusivity can be made binding, making it an important tool in commercial negotiations and contract management.
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1. Letter Date and Reference Number: The formal date of the letter and any reference number for tracking purposes
2. Addressee Details: Full name and address of the recipient party
3. Subject Line: Clear indication that this is a Letter of Intent for Contract Extension
4. Original Contract Reference: Details of the existing contract including its date, parties, and subject matter
5. Statement of Intent: Clear expression of the intention to extend the current contract
6. Proposed Extension Period: Specific timeframe for the proposed extension
7. Key Terms Confirmation: Statement confirming whether existing terms will continue or noting any intended changes
8. Timeline for Formal Extension: Proposed timeline for negotiating and executing the formal extension agreement
9. Signature Block: Space for authorized signatory details and signature
1. Proposed Changes to Terms: Include this section if any material terms will change in the extension period
2. Conditions Precedent: Include if there are specific conditions that must be met before the extension can be finalized
3. Non-Binding Statement: Include if parties want to explicitly state that the LOI is non-binding except for specific provisions
4. Confidentiality Statement: Include if the intention to extend should be kept confidential
5. Performance Review: Include if the extension is contingent on a review of past performance
6. Interim Arrangements: Include if special arrangements are needed between the LOI and formal extension
1. Original Contract: Copy or summary of the original contract being extended
2. Proposed Changes: Detailed list of any proposed changes to the original terms, if applicable
3. Performance Report: Summary of contract performance to date, if relevant to the extension
4. Timeline Schedule: Detailed timeline for negotiation and execution of the formal extension
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Construction
Real Estate
Information Technology
Telecommunications
Mining and Resources
Oil and Gas
Professional Services
Retail
Logistics and Supply Chain
Agriculture
Healthcare
Education
Infrastructure Development
Financial Services
Relevant Teams
Legal
Procurement
Commercial
Operations
Business Development
Contract Administration
Risk Management
Compliance
Corporate Secretariat
Project Management Office
Supply Chain
Finance
Relevant Roles
Legal Counsel
Contract Manager
Commercial Director
Chief Executive Officer
Chief Operating Officer
Procurement Manager
Business Development Manager
Project Manager
Operations Director
General Manager
Country Manager
Relationship Manager
Corporate Secretary
Risk Manager
Compliance Officer
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