Prolongation (from Lat. Prolongare - "to lengthen") is the extension of an agreement, contract, obligation that has a limited duration. Most often, this concept is found in jurisprudence.
Prolongation is a universal term that means prolongation of something. In the legal field, it is used to denote the extension of the term of a legal document (agreement, agreement, contract, security or bank deposit). The process of prolongation is called rollover. The possibility of prolonging the validity of the agreement beyond the agreed period is usually provided at its conclusion and is included in the text of the agreement. At the same time, the conditions for the future prolongation are also stipulated, if none of the parties involved declares a refusal. Cancellation of the renewal must be made before the expiration of the primary contract, since usually, if all the conditions are met, the agreement is renewed automatically. Refusal must be confirmed by the other party or parties. For example, the possibility of prolongation is often provided when opening a bank deposit, which at the end of the term is extended without the participation of the holder. This significantly saves the client's time and helps avoid additional paperwork. The deposit is extended for the same period with the interest rate in effect on the date of the renewal, however, the bank has the right to refuse the client to renew the deposit. The renewal made by a non-automatic method must be formalized in a separate agreement signed by all parties involved. Sometimes the prolongation can be made on the basis of the law or in the event of force majeure and other force majeure circumstances that do not depend on the actions of the parties to the agreement. For example, at the beginning of hostilities in the country, strikes, natural disasters, etc. In such circumstances, the parties are temporarily relieved of their obligations under the contract until they end, regardless of the time frame specified in the document. In this case, the term of the contract is extended for the duration of the force majeure circumstances.