Document background
The Contract Extension Addendum is a crucial legal instrument used in Nigerian business practice when parties wish to extend their existing contractual relationship beyond the original term. This document type is particularly relevant when the original contract is approaching its expiration date but the business relationship remains valuable to all parties. It must comply with Nigerian contract law and may require additional compliance measures such as stamp duty payment and registration with relevant authorities. The addendum typically specifies the new duration, confirms or modifies existing terms, and ensures continuity of business operations. It's commonly used across various sectors in Nigeria, from oil and gas to telecommunications, and can accommodate both simple extensions and more complex modifications to the original agreement.
