A Purchase Agreement Extension is essential when parties wish to continue their existing commercial relationship beyond the original term of their purchase agreement while potentially updating certain terms to reflect current market conditions or changed circumstances. This document type is commonly used in Indonesian business practice when both parties have found their relationship mutually beneficial and wish to maintain continuity while potentially adjusting terms such as pricing, delivery schedules, or scope of supply. The extension must comply with Indonesian law requirements, particularly the Civil Code (KUHPerdata) and Law No. 7 of 2014 on Trade. It is particularly relevant for ongoing supply relationships, capital equipment purchases with extended delivery schedules, or long-term procurement arrangements where maintaining the basic framework of the original agreement while updating specific terms is more efficient than drafting a new agreement.
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1. Parties: Identification of all parties to the agreement, including their legal names, registration numbers, and addresses
2. Background: Reference to the original purchase agreement, its date, and brief context for the extension
3. Definitions: Key terms used in the extension agreement, including references to definitions from the original agreement
4. Extension Term: Specific duration of the extension period and effective date
5. Continuing Effect: Confirmation that all other terms and conditions of the original agreement remain in full force and effect
6. Modified Terms: Clear identification of any terms from the original agreement that are being modified by this extension
7. Pricing and Payment Terms: Updated pricing structures, payment schedules, and any adjustments to original financial terms
8. Representations and Warranties: Confirmation that original representations remain true and any new representations specific to the extension
9. Governing Law: Confirmation of Indonesian law as governing law and jurisdiction
10. Execution: Signature blocks and execution requirements under Indonesian law
1. Performance Review: Assessment of performance under the original agreement, used when extension is conditional on past performance
2. Additional Services/Products: Description of any new products or services being added to the original scope
3. Force Majeure Update: Updated force majeure provisions, particularly relevant post-COVID or for specific current events
4. Compliance Updates: New compliance requirements or regulatory changes since the original agreement
5. Early Termination Rights: Additional termination provisions specific to the extension period
6. Currency Adjustments: Provisions for handling currency fluctuations, relevant for international purchases
7. Digital Authentication: Provisions for electronic signatures and digital documentation, if applicable
1. Schedule A - Updated Pricing Schedule: Detailed breakdown of current prices, including any escalation formulas
2. Schedule B - Delivery Schedule: Updated timeline for deliveries during the extension period
3. Schedule C - Performance Metrics: Key performance indicators and service levels for the extension period
4. Schedule D - Modified Terms List: Comprehensive list of all terms being modified from the original agreement
5. Appendix 1 - Original Agreement: Copy of the original purchase agreement being extended
6. Appendix 2 - Compliance Certificates: Updated certificates, licenses, and compliance documents
7. Appendix 3 - Corporate Authorizations: Fresh corporate authorizations for the extension, if required
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Technology
Construction
Energy
Mining
Agriculture
Consumer Goods
Industrial Equipment
Telecommunications
Automotive
Pharmaceuticals
Food and Beverage
Logistics
Relevant Teams
Legal
Procurement
Finance
Operations
Supply Chain
Compliance
Commercial
Contract Administration
Risk Management
Business Development
Relevant Roles
Procurement Manager
Legal Counsel
Contract Administrator
Supply Chain Manager
Commercial Director
Chief Financial Officer
Purchasing Director
Operations Manager
Compliance Officer
Business Development Manager
Finance Manager
General Manager
Country Manager
Vendor Relations Manager
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