The Option Extension Agreement is a crucial document used when parties wish to extend the duration of an existing option arrangement under Indian law. It becomes necessary when the original option period is approaching expiration but parties want to maintain the option rights for an additional period. This document type is particularly relevant in scenarios involving property purchases, corporate acquisitions, joint ventures, or other commercial arrangements where timing flexibility is needed. The agreement must comply with Indian contract law principles and may require additional regulatory compliance depending on the subject matter (such as SEBI regulations for securities or Reserve Bank of India guidelines for certain financial transactions). The document typically includes details about the extension period, any modified terms, consideration for the extension, and ensures continuity with the original option agreement while addressing any changes in circumstances since the original agreement was executed.
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1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and company registration details if applicable
2. Background: Recitals explaining the context of the original option agreement and the parties' intention to extend it
3. Definitions: Definitions of key terms used in the agreement, including references to the original option agreement
4. Extension of Option: Core provision detailing the extension of the option period, including the new expiration date and any modified terms
5. Consideration: Details of any payment or other consideration for the extension of the option
6. Exercise Mechanism: Procedure for exercising the option during the extended period
7. Representations and Warranties: Confirmations by both parties regarding their authority and capacity to extend the option
8. Relationship with Original Agreement: Clarification of how this extension agreement relates to and modifies the original option agreement
9. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
10. Notices: Communication procedures between parties
11. Execution: Signature blocks and execution formalities
1. Additional Conditions: New conditions applicable to the extended option period, used when the extension involves modified terms
2. Security Provisions: Additional security or guarantees required for the extension, included when there are new security arrangements
3. Regulatory Compliance: Specific provisions regarding regulatory requirements, needed when the option involves regulated assets or activities
4. Assignment Rights: Rights to assign the extended option, included when transfer rights are relevant
5. Force Majeure: Provisions for unforeseen circumstances, included when long extension periods are involved
6. Confidentiality: Provisions for maintaining confidentiality, included when sensitive information is involved
1. Original Option Agreement: Copy or key terms of the original option agreement being extended
2. Payment Schedule: Details of any installment payments or consideration structure for the extension
3. Modified Terms: Comprehensive list of any terms from the original agreement that are being modified
4. Required Notices: Forms or templates for notices required under the agreement
5. Regulatory Approvals: List of required regulatory approvals and their status
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