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Contracts are generally agreed upon for a fixed term, and as such, when the validity of the contract nears its expiry, one of two things usually happens: One, the contract reaches the end of its term and ceases to exist; Two, a brand new contract is agreed upon once the term expires. However, there is a third option as well. A contract may also be extended. In this case, a new contract needn’t be created. The date of termination of the contract is simply pushed further. This option is usually favorable in a situation where a contract has been agreed upon, but both parties are unable to carry out their performance obligations within the stipulated time period.
The extension of a contract can be done immediately after a contract expires, or as soon as the parties feel the need to extend the contract.
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