Renewing a contract is called a renewal. The procedure for extending the term is fixed by the parties in a special section of the contract. If the parties have not agreed on the specifics of the prolongation, one should be guided by the articles of the civil code on termination and amendment of the contract, as well as special rules on the types of contracts (lease, contract), existing business relations. Prolongation can be done by:
Instructions
Step 1
Conclusion of an additional agreement to the contract. It can provide:
- the contract is extended for a calendar year or another period.
- amend the clause of the agreement on the validity period in a new edition.
The supplementary agreement must be in the same form as the main contract. For example, for contracts related to the disposal of real estate, registration with the Rosreestr authorities is required, which means that for an additional agreement on the extension of such an agreement, state registration is also required with the payment of the corresponding fees. The supplementary agreement must contain a reference to the contract, the validity of which is being extended, the signatures of competent persons and the seal of the organization. The agreement must be concluded before the expiration of the contract.
Step 2
Sending a written notice of the renewal period. When the parties have provided for the prolongation of the contract by sending a notice, the interested party sends a letter of the appropriate content. If there is no objection, the contract is deemed to be extended for a new term. Evidence of sending the notification, as well as evidence of receipt by the other party, should be retained, attached to the contract.
Step 3
By default, i.e. without committing legally significant actions. To simplify the procedure for extending the contract, the parties can indicate in the contract: if none of the parties before the end of the contract does not declare its termination, then it is considered extended for a new period.
