[{"data":1,"prerenderedAt":503},["ShallowReactive",2],{"document-accept-option-extension-of-agreement-D845":3},{"document":4,"label":21,"preview":11,"thumb":22,"thumb600":23,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":24,"breadcrumb":28,"related":34,"customDescModule":171,"customdescription":6,"mdFm":172,"mdProseHtml":502},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":15,"keywords":20},"June 17, 2022 Contact Name Address Address2 City, State/Province Zip/Postal Code OBJECT: OPTION OF EXTENSION OF AGREEMENT Dear [Contact name],",null,"Accept Option Extension of Agreement","1",32,"doc","https://templates.business-in-a-box.com/imgs/1000px/accept-option-extension-of-agreement-D845.png","https://templates.business-in-a-box.com/imgs/250px/845.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#845.xml",{"title":6,"description":6},[16,19],{"label":17,"url":18},"Legal Agreements","/templates/business-legal-agreements/",{"label":17,"url":18},"accept option extension agreement","Accept Option Extension of Agreement Template","https://templates.business-in-a-box.com/imgs/400px/845.png","https://templates.business-in-a-box.com/imgs/600px/845.png",[25,16,19],{"label":26,"url":27},"Templates","/templates/",[29,30,31],{"label":26,"url":27},{"label":17,"url":18},{"label":32,"url":33},"Equity & Mergers","/templates/equity-and-mergers/",[35,39,43,47,51,55,59,63,67,71,75,79,83,98,115,129,144,158],{"label":36,"url":37,"thumb":38,"extension":10},"Extension of Agreement","/template/extension-of-agreement-D875","https://templates.business-in-a-box.com/imgs/250px/875.png",{"label":40,"url":41,"thumb":42,"extension":10},"Decline Extension of Agreement","/template/decline-extension-of-agreement-D873","https://templates.business-in-a-box.com/imgs/250px/873.png",{"label":44,"url":45,"thumb":46,"extension":10},"Option to Lease Agreement","/template/option-to-lease-agreement-D1193","https://templates.business-in-a-box.com/imgs/250px/1193.png",{"label":48,"url":49,"thumb":50,"extension":10},"Option to Buy Agreement","/template/option-to-buy-agreement-D336","https://templates.business-in-a-box.com/imgs/250px/336.png",{"label":52,"url":53,"thumb":54,"extension":10},"Put Option Agreement","/template/put-option-agreement-D339","https://templates.business-in-a-box.com/imgs/250px/339.png",{"label":56,"url":57,"thumb":58,"extension":10},"Option to Buy Agreement Long","/template/option-to-buy-agreement-long-D1192","https://templates.business-in-a-box.com/imgs/250px/1192.png",{"label":60,"url":61,"thumb":62,"extension":10},"Employee Stock Option Agreement","/template/employee-stock-option-agreement-D12613","https://templates.business-in-a-box.com/imgs/250px/12613.png",{"label":64,"url":65,"thumb":66,"extension":10},"Extension of a Lease","/template/extension-of-a-lease-D1176","https://templates.business-in-a-box.com/imgs/250px/1176.png",{"label":68,"url":69,"thumb":70,"extension":10},"Equipment Lease Agreement With Option to Purchase","/template/equipment-lease-agreement-with-option-to-purchase-D1143","https://templates.business-in-a-box.com/imgs/250px/1143.png",{"label":72,"url":73,"thumb":74,"extension":10},"Notice of Grant of Stock Option","/template/notice-of-grant-of-stock-option-D896","https://templates.business-in-a-box.com/imgs/250px/896.png",{"label":76,"url":77,"thumb":78,"extension":10},"Option to Acquire Partnership Interests","/template/option-to-acquire-partnership-interests-D5227","https://templates.business-in-a-box.com/imgs/250px/5227.png",{"label":80,"url":81,"thumb":82,"extension":10},"Stock Option Plan","/template/stock-option-plan-D13284","https://templates.business-in-a-box.com/imgs/250px/13284.png",{"description":84,"descriptionCustom":6,"label":85,"pages":86,"size":87,"extension":10,"preview":88,"thumb":89,"svgFrame":90,"seoMetadata":91,"parents":93,"keywords":92,"url":97},"AMENDMENT AGREEMENT This Amendment Agreement (\"Agreement\") is entered into effect as of [DATE], BETWEEN: [FIRST PARTY NAME], (\"First Party\"), an individual with their main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [SECOND PARTY NAME], (\"Second Party\") an individual with their main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, the Parties entered into the Original Agreement, which they now wish to amend; AND WHEREAS, the Parties mutually desire to amend the Original Agreement on the terms and conditions set forth in this Amendment; NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and intending to be legally bound, the Parties agree to amend the Original Agreement as follows: AMENDMENTS TO THE ORIGINAL AGREEMENT Modification of Terms: Clause [NUMBER] of the Original Agreement is hereby amended to read as follows: [NEW AMENDED LANGUAGE, PROVIDING A CLEAR AND DETAILED DESCRIPTION OF THE AMENDMENTS, INCLUDING ANY CHANGED RESPONSIBILITIES, TIMELINES, FINANCIAL TERMS, OR OTHER SIGNIFICANT ASPECTS]. Addition of Terms: The following new clause is added to the Original Agreement as Clause [NUMBER]: [DETAILED DESCRIPTION OF THE NEW CLAUSE, INCLUDING ITS SCOPE, APPLICATION, AND HOW IT INTEGRATES WITH THE EXISTING CLAUSES].","Amendment Agreement","2",513,"https://templates.business-in-a-box.com/imgs/1000px/amendment-agreement-D13872.png","https://templates.business-in-a-box.com/imgs/250px/13872.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13872.xml",{"title":92,"description":6},"amendment agreement",[94,96],{"label":17,"url":95},"business-legal-agreements",{"label":17,"url":95},"/template/amendment-agreement-D13872",{"description":99,"descriptionCustom":6,"label":100,"pages":8,"size":87,"extension":10,"preview":101,"thumb":102,"svgFrame":103,"seoMetadata":104,"parents":106,"keywords":113,"url":114},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: NOTICE OF CANCELLATION OF CONTRACT Dear [Contact name], Notice is hereby given that we are canceling our contract dated [Date] for the sale of [Description of goods] to [Name of firm], for the following reason: On [Date], you breached said contract in the following respect: [SPECIFY]","Notice of Cancellation of Contract","https://templates.business-in-a-box.com/imgs/1000px/notice-of-cancellation-of-contract-D450.png","https://templates.business-in-a-box.com/imgs/250px/450.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#450.xml",{"title":105,"description":6},"notice of cancellation of contract",[107,110],{"label":108,"url":109},"Finance & Accounting","finance-accounting",{"label":111,"url":112},"Administration","business-administration","notice cancellation contract","/template/notice-of-cancellation-of-contract-D450",{"description":116,"descriptionCustom":6,"label":117,"pages":118,"size":87,"extension":10,"preview":119,"thumb":120,"svgFrame":121,"seoMetadata":122,"parents":124,"keywords":127,"url":128},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: LETTER OF INTENT-ACQUISITION OF BUSINESS Dear [CONTACT NAME]: This letter (\"Letter of Intent\") sets forth the basic preliminary terms between the Buyer or his nominee and yourselves regarding the purchase of the [SPECIFY] business (the \"Business\") carried on by yourselves. Except as specifically set forth herein, this Letter of Intent shall not constitute an agreement between the parties and no agreement shall be deemed to exist until execution of a definitive purchase agreement. It is proposed that Buyer will acquire certain assets of the Business which Buyer believes to be necessary to the future of the Business, including the warehouse in [CITY/STATE] in which [COMPANY NAME] the Company has invested [AMOUNT] in cash and which has been financed by a mortgage loan of approximately [AMOUNT] granted by the [SPECIFY COMPANY] [CITY/STATE]. Buyer understands that the said warehouse has no other charges or liabilities affecting it other than the said mortgage loan. Buyer may either purchase the warehouse outright or enter into a lease-purchase or instalment transfer of ownership which is satisfactory to both parties. The gross purchase price for the said warehouse will be [AMOUNT]. Buyer may purchase or lease barrels and other equipment currently owned by the Company which are necessary to operate the Business, on a cash or instalment basis agreeable to both parties. The specific assets to be purchased and the amounts to be paid by Buyer in connection with this transaction remain to be negotiated by the parties. This Letter of Intent also evidences the intentions of the parties with respect to the following agreements: Buyer will enter into a [NUMBER]-year employment agreement with [COMPANY NAME], providing for the Company will be responsible for the purchase of [SPECIFY] for Buyer. The agreement will contain the customary terms and conditions found in employment agreements in similar transactions and will provide for the usual non-competition and non-solicitation covenants to be entered into by the Company in favour of Buyer. It is expressly understood that if the contemplated transaction is consummated, the aggregate amount of commission paid or payable to yourselves (net of reasonable expenses acceptable to Buyer) in respect of all purchases of [SPECIFY] made through you from the date of this Letter of Intent to the date of closing, with the exception of commissions earned on the [NUMBER] truckloads of [SPECIFY] to be delivered to Buyer during the week of [DATE] to [DATE], will be applied against remuneration payable to the Company in the first year of his employment agreement. If the contemplated transaction is not consummated, all such commissions paid or payable will be treated as commissions. Buyer will enter into a [NUMBER]-year employment agreement with [EMPLOYEE NAME], providing for the payment of a gross base salary of [ANNUAL SALARY] per year, to be paid weekly, subject to annual review. [EMPLOYEE NAME] will be President of the Business and the employment agreement will provide for health benefits, automobile, expenses and bonus arrangements","Letter of Intent_Acquisition of Business","3","https://templates.business-in-a-box.com/imgs/1000px/letter-of-intent_acquisition-of-business-D5197.png","https://templates.business-in-a-box.com/imgs/250px/5197.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#5197.xml",{"title":123,"description":6},"letter of intent_acquisition of business",[125,126],{"label":17,"url":95},{"label":17,"url":95},"letter intent_acquisition business","/template/letter-of-intent_acquisition-of-business-D5197",{"description":130,"descriptionCustom":6,"label":131,"pages":132,"size":87,"extension":10,"preview":133,"thumb":134,"svgFrame":135,"seoMetadata":136,"parents":138,"keywords":137,"url":143},"Asset Purchase Agreement Your transaction description here. Table of Content 1. INTERPRETATION 5 1.1. Definitions 5 1.2. Extended Meanings 8 1.3. Interpretation Not Affected by Headings 8 1.4. Applicable Law 8 1.5. Funds 8 1.6. Financial Documents 8 1.7. Invalidity 9 1.8. Business Day 9 1.9. Preamble 9 2 PURCHASED ASSETS 9 2.1. Purchased Assets 9 2.2. Excluded Assets 10 2.3. Leases and Retention of Ownership Agreements 11 2.4. Removal of Purchased Assets 11 2.5. Forward Commitments 11 2.6. Assets Used in the Business 11 3. PURCHASE AND SALE 11 3.1. Purchase Price 11 3.2. Default 12 3.3. Balance of Price 12 3.4. Allocation of the Purchase Price 12 3.5. No Assumption of Liabilities 12 3.6. Payment of Taxes 13 3.7. Adjustments 13 3.8. Net Worth Adjustment 13 3.9. Disagreement Regarding Adjustment of Purchase Price 13 3.10. Escrow of Purchase Price 13 4. CLOSINGS AND CONDITIONS PRECEDENT TO THE SALE 14 4.1. Closing Date 14 4.2. Conditions Precedent to Closing in Favor of the Purchaser 14 4.3. Conditions Precedent to Closing in Favor of the Seller 17 4.4. Risk of Loss 17 4.5. Notification 18 5. REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE PURCHASER 18 5.1. Representations and Warranties of Seller 18 5.2. Representations and Warranties of the Purchaser 28 5.3. Survival 29 5.4. Indemnification of the Purchaser 29 5.5. Warranty Work 29 6. EMPLOYEES 30 6.1. List of Non-Unionized Employees 30 6.2. Employment to Non-Unionized Employees 30 6.3. Claims by Non-Unionized Employees 30 6.4. Pension Plan for Employees 30 6.5. Assumption of Collective Agreement 31 6.6. List of Unionized Employees 31 6.7. Offers to Unionized Employees 31 6.8. Short Term and Long-Term Disability 32 6.9. Benefit Plans 32 7. MUTUAL COOPERATION 32 7.1. Conduct of Business Prior to Closing 32 7.2. Access for Investigation Prior to Closing 32 7.3. Actions to Satisfy Closing Conditions 33 7.4. Transfer of Purchased Assets 33 7.5. Assistance in Judicial Claims 34 7.6. Collection of Receivables 34 7.7. Accounts Receivable 34 7.8. Differentiation of Products 35 8. MISCELLANEOUS 35 8.1. Successors and Assigns 35 8.2. Brokers 35 8.3. Legal Fees 35 8.4. Public Announcement 35 8.5. Entire Agreement 35 8.6. Notices 36 8.7. Time of Essence 36 8.8. Counterparts 36 9. GUARANTEE 36 9.1. Intervention of the Guarantor 36 9.2. Indulgence 37 9.3. Disability of Purchaser 37 ASSET PURCHASE AGREEMENT This Asset Purchase Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Purchaser\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [FIRST PART] (the \"Company\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [SECOND PART] (the \"Seller\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS the Seller carries on the business of [NUMBER] WHEREAS the Seller has agreed to sell, and the Purchaser has agreed to purchase certain assets relating to the Business upon the terms and conditions set forth in this Agreement. NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND AGREEMENTS HEREIN CONTAINED AND OTHER GOOD AND VALUABLE CONSIDERATION, THE [COMPANY NAME] HERETO AGREE AS FOLLOWS: INTERPRETATION Definitions Unless the subject matter or context otherwise requires: \"Affiliate\" has the meaning ascribed to the term \"affiliated corporations\" in the [COUNTRY Business Corporations Act]. \"Associate\" has the meaning ascribed to the term \"associate\" in the [COUNTRY Business Corporations Act]. \"Balance of Price\" has the meaning ascribed thereto in Section 3.1.2. \"Books and Records\" means any books and records (originals or copies thereof) of Seller relating exclusively to the Business including, without limitation, books and records relating to the purchase materials and supplies, the manufacture, assembly and processing of products, sales of products, dealings with customers and franchises, invoices, customer lists, mailing lists, suppliers lists, trademarks and trade names, financial records, personnel records (to the extent permitted by law) and taxes (excluding Seller's income tax and other tax records unrelated to the Business). \"Business Day\" means any day excluding Saturday, Sunday and any other day which in [STATE/PROVINCE], [COUNTRY] is a legal holiday or a day on which financial institutions are authorized by law or by local proclamation to close. \"Claims\" means any demand, action, cause of action, damage, loss, cost, liability, expense or requirements, governmental or otherwise, including the cost of legal representation in respect thereof and any interest or penalty arising in connection therewith. \"Closing\" means the completion of the sale to and purchase by the Purchaser of the Purchased Assets under this Agreement by the transfer and delivery of documents of title thereto and the payment of the Purchase Price therefore in accordance with this Agreement. \"Closing Date\" has the meaning ascribed thereto at Section 4.1. \"Collective Agreement\" has the meaning ascribed thereto at Section 5.1.15. \"Employees\" has the meaning ascribed thereto at Section 5.1.15. \"Excluded Assets\" has the meaning ascribed thereto at Section 2.2. \"Goodwill\" has the meaning ascribed thereto in Subsection 2.1.12. \"Immovables\" has the meaning ascribed thereto in Subsection 2.1.4. \"Financial Statements\" means: the audited financial statements of the Seller relating to its Business for the fiscal periods ended [NUMBER] through [NUMBER] inclusive, consisting of a balance sheet, statements of income and retained earnings, statement of profits and losses, changes in financial position, auditor(s)' report and notes thereto; and the unaudited interim financial statements of the Seller relating to its Business for the interim fiscal period ended [NUMBER], consisting of a balance sheet, statements of income and retained earnings, statement of profits and losses, changes in financial position, auditor(s)' report and notes thereto; true and exact copies of which are attached as Schedule 1.1a) hereto. \"Inventories\" means any product held for sale by the Seller and any materials (including components, spare parts, raw materials, work-in-process, finished products, packaging), held by the Seller in connection with the manufacturing, processing, assembly and sale of products, whether or not located on the Seller's premises, on consignment to a third party or in possession of sub-contractors, in transit or in storage. \"Letter of Credit\" means the irrevocable letter of credit issued by the [Bank] to the Seller in the amount of [AMOUNT]. \"Liabilities\" means all the liabilities, debts and obligations of the Seller whether present or future, whether pertaining to the Business, the Purchased Assets or otherwise, including, without limiting the generality of the foregoing: Liabilities under any service, management or other contract entered into by the Seller; Liabilities under any plans, programs or arrangements of any kind with respect to benefits provided to each person employed by the Seller at the Closing Date; Any Liabilities for any accidents, breach of contract, delict and quasi-delict, occupational health and safety violations, and all other types of claims and lawsuits connected with or arising out of any matter, incident, occurrence of set of facts or circumstances prior to the Closing Date; Liabilities relating to defects of any product sold at any time by the Seller prior to the Closing Date;","Purchase Agreement","37","https://templates.business-in-a-box.com/imgs/1000px/purchase-agreement-D12670.png","https://templates.business-in-a-box.com/imgs/250px/12670.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12670.xml",{"title":137,"description":6},"purchase agreement",[139,140],{"label":17,"url":95},{"label":141,"url":142},"Purchase & Sale Agreements","purchase-sale-agreement","/template/purchase-agreement-D12670",{"description":145,"descriptionCustom":6,"label":146,"pages":118,"size":87,"extension":10,"preview":147,"thumb":148,"svgFrame":149,"seoMetadata":150,"parents":152,"keywords":151,"url":157},"NON-DISCLOSURE AGREEMENT (NDA) This Non-Disclosure Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Disclosing Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [RECEIVING PARTY NAME] (the \"Receiving Party\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, Receiving Party has been or will be engaged in the performance of work on [DESCRIBE]; and in connection therewith will be given access to certain confidential and proprietary information; and WHEREAS, Receiving Party and Disclosing Party wish to evidence by this Agreement the manner in which said confidential and proprietary material will be treated. NOW, THEREFORE, it is agreed as follows: NON-DISCLOSURE OF CONFIDENTIAL INFORMATION Both Parties understand and agree that each Party may have access to the confidential information of the other party. For the purposes of this Agreement, \"Confidential Information\" means proprietary and confidential information about the Disclosing Party's (or it's suppliers') business or activities. Such information includes all business, financial, technical, and other information marked or designated by such Party as \"confidential\" or \"proprietary.\" Confidential Information also includes information which, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential. For the purposes of this Agreement, Confidential Information does not include: Information that is currently in the public domain or that enters the public domain after the signing of this Agreement. Information a Party lawfully receives from a third Party without restriction on disclosure and without breach of a non-disclosure obligation. Information that the Receiving Party knew prior to receiving any Confidential Information from the Disclosing Party. Information that the Receiving Party independently develops without reliance on any Confidential Information from the Disclosing Party. Each Party agrees that it will not disclose to any third Party or use any Confidential Information disclosed to it by the other Party except when expressly permitted in writing by the other Party. Each Party also agrees that it will take all reasonable measures to maintain the confidentiality of all Confidential Information of the other Party in its possession or control. TERM The term of this Agreement is [number] of [years/months] from the date of execution by both Parties. TITLE The Receiving Party agrees that all Confidential Information furnished by the Disclosing Party shall remain the sole property of the Disclosing Party. DISCLAIMER","Non Disclosure Agreement Nda","https://templates.business-in-a-box.com/imgs/1000px/non-disclosure-agreement-nda-D12692.png","https://templates.business-in-a-box.com/imgs/250px/12692.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12692.xml",{"title":151,"description":6},"non disclosure agreement nda",[153,154],{"label":17,"url":95},{"label":155,"url":156},"Confidentiality Agreements","confidentiality-agreement","/template/non-disclosure-agreement-nda-D12692",{"description":159,"descriptionCustom":6,"label":160,"pages":161,"size":87,"extension":10,"preview":162,"thumb":163,"svgFrame":164,"seoMetadata":165,"parents":167,"keywords":166,"url":170},"EXCLUSIVITY AGREEMENT This Exclusivity Agreement (the\" Agreement\"), is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Company\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SELLER NAME] (the \"Seller\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS the Company wishes to market the Products described in Schedule A (the \"Products\") through the Seller, it is agreed as follows: DEFINITIONS 1.1 When used in this Agreement, the following terms shall have the respective meanings indicated, such meanings to be applicable to both the singular and plural forms of the terms defined: \"Agreement\" means this agreement, the Schedules attached hereto and any documents included by reference, as each may be amended from time to time in accordance with the terms of this Agreement; \"Accessories\" means the accessories described in Exhibit A attached hereto, and includes any special devices manufactured by Company and used in connection with the operation of the Goods. Accessories may be deleted from or added to Exhibit A and their specifications and design may be changed by Company at its sole discretion at any time by mailing written notice of such changes to Seller. Each change shall become effective [NUMBER] days following the date notice thereof is sent to Seller. \"Affiliate means\" any company controlled by, controlling, or under common control with Company. Affiliate means any person, corporation or other entity: (i) which owns, now or hereafter, directly or indirectly, twenty-five percent (25%) or more of any class of the voting stock of Company or is, now or hereafter, directly or indirectly, in effective control of Company; or (ii) twenty-five percent (25%) or more of any class of the voting stock of which Company, or a party described in paragraph (i), owns, now or hereafter, directly or indirectly, or of which Company, or a party described in paragraph (i), is, now or hereafter, directly or indirectly, in control. \"Customer\" means any person who purchases or leases Products from Seller. \"Delivery Point\" means Company's facilities at [FULL ADDRESS]. Delivery point means Seller's facilities at [FULL ADDRESS]. \"Exhibit\" means an exhibit attached to this agreement. \"Goods\" means those items described in Exhibit B. Goods may be deleted from or added to Exhibit B and their specifications and design may be changed by Company at its sole discretion at any time by mailing written notice of such changes to Seller. Each change shall become effective [NUMBER] days following the date notice thereof is sent to Seller. \"Products\" means Goods, Accessories, and Spare Parts. \"Spare Parts\" means: (i) all parts and components of the Goods; (ii) any special devices used in connection with the maintenance or servicing of the Goods. Company warrants that a complete list of Spare Parts is set forth in Exhibit C. Spare parts may be deleted from or added to Exhibit C and their specifications and design may be changed by Company at its sole discretion at any time by mailing written notice of such changes to Seller. Each change shall become effective [NUMBER] days following the date notice thereof is sent to Seller. \"Specifications\" means those specifications set forth in Exhibit D. \"Territory\" means the following geographic area or areas: [SPECIFY]. During the term of this Agreement, Seller shall have the first right of refusal at its option to expand the Territory in order to sell the Products on an exclusive basis in [COUNTRIES]. Company shall give Seller written notice and the terms under which it intends to permit sale and distribution, or the terms of any offer or request from a third party for rights to sell, any of the Products in any country not then included in the Territory. Seller shall accept or reject such offer in writing within [NUMBER] days after receipt thereof, and, if Seller accepts such offer, the Territory shall be appropriately expanded. \"Trademark\" means any trademark, logo, service mark or other commercial designation, whether or not registered, used to represent or describe the Products of Company, as set forth in Exhibit E. APPOINTMENT OF SELLER Appointment. Company hereby appoints Seller as Company's exclusive Seller of Products in the Territory, and Seller accepts that position. Company, to the extent that it is legally Permitted to do so, (i) shall not appoint any Seller or agent in the Territory for the Products other than Seller, (ii) shall not, and shall cause any Affiliate not to, knowingly sell Products to any person other than Seller or a party designated by Seller for use or resale within the Territory (except pursuant to any agreement effective at the time this Agreement became applicable to the service so provided), and (iii) shall use its best efforts to prevent any party other than Seller from seeking customers for the Products in the Territory, from establishing any branch related to the sale of Products in the Territory, or from maintaining any distribution depot with respect to the Products in the Territory. Company, or any Affiliate, sells any Product which is eventually resold in the Territory (other than a sale to Seller or a party designated by Seller) and Company, or that Affiliate, had reason to know at the time of its sale of that Product that such resale was likely to occur, Company shall, immediately after the trigger sale (which shall be the resale of the Product in the territory or the sale immediately preceding the use of the Product in the Territory) is contracted, pay to the Seller [PERCENT] % of the price of that Product under this Agreement at the time that the trigger sale was contracted, which payment shall represent a recapture of certain advertising and capital expenditures made by Seller. Nothing contained in this Section shall affect any other right or remedy which Seller may have pursuant to this Agreement. Referrals 3.1 If Company or any Affiliate is contacted by any party inquiring about the purchase of Products in the Territory (other than Seller or a party designated by Seller), Company shall, or shall cause that Affiliate to, refer such party to Seller for handling. Relationship of Parties Seller is an independent contractor and is not the legal representative or agent of Company for any purpose and shall have no right or authority (except as expressly provided in this Agreement) to incur, assume or create in writing or otherwise, any warranty over any of Company's employees, all of whom are entirely under the control of Company, who shall be responsible for their acts and omissions. Seller shall, at its own expense, during the term of this Agreement and any extension thereof, maintain full insurance under any Workmen's Compensation Laws effective in the state or other applicable jurisdiction covering all persons employed by and working for it in connection with the performance of this Agreement, and upon request shall furnish Company with satisfactory evidence of the maintenance of such insurance. Seller accepts exclusive liability for all contributions and payroll taxes required under Federal Social Security Laws and State Unemployment Compensation Laws or other payments under any laws of similar character in any applicable jurisdiction as to all persons employed by and working for it. Nothing contained in this Agreement shall be deemed to create any partnership or joint venture relationship between the parties. Sale of Products by seller 5","Exclusivity Agreement","8","https://templates.business-in-a-box.com/imgs/1000px/exclusivity-agreement-D12830.png","https://templates.business-in-a-box.com/imgs/250px/12830.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12830.xml",{"title":166,"description":6},"exclusivity agreement",[168,169],{"label":17,"url":95},{"label":17,"url":95},"/template/exclusivity-agreement-D12830",false,{"seo":173,"reviewer":185,"legal_disclaimer":189,"quick_facts":190,"at_a_glance":192,"personas":196,"variants":221,"glossary":249,"clauses":283,"how_to_fill":334,"common_mistakes":370,"faqs":387,"industries":415,"comparisons":432,"diy_vs_lawyer":445,"jurisdictions":458,"related_template_ids_curated":479,"schema":491,"classification":492},{"meta_title":174,"meta_description":175,"primary_keyword":176,"secondary_keywords":177},"Accept Option Extension of Agreement Template (Free Word)","Free accept option extension of agreement template. Formally extend an option period on a contract before expiry. Used in 190+ countries. Free Word and PDF download.","accept option extension of agreement template",[178,179,180,181,182,183,184],"option extension agreement template","option period extension letter","extend option agreement template","option extension acceptance form","option contract extension template word","accept option extension letter free","agreement option period extension document",{"name":186,"credential":187,"reviewed_date":188},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":191,"legal_review_recommended":189,"signature_required":189,"notarization_required":171},"medium",{"what_it_is":193,"when_you_need_it":194,"whats_inside":195},"An Accept Option Extension of Agreement is a legally binding document by which one party formally accepts the other party's offer to extend the exercise period of an existing option agreement. It records both parties' consent to a new option expiry date, confirms any revised consideration or fee for the extension, and preserves all original option terms unless expressly amended. This free Word download gives you a structured, attorney-reviewed starting point you can edit online and export as PDF in minutes.\n","Use it when the holder of an option — on real estate, a business asset, intellectual property, or a commercial contract — needs more time to exercise or decline, and the grantor has agreed to extend the deadline. It should be executed before the original option period expires; an acceptance signed after expiry is generally unenforceable.\n","Identification of both parties and the underlying option agreement, the new extended expiry date, any extension fee or revised consideration, a confirmation that all original terms remain in full force, representations and warranties, governing law, and signature blocks for both parties.\n",[197,201,205,209,213,217],{"title":198,"use_case":199,"icon_asset_id":200},"Real estate investors and developers","Extending a purchase option on land or property when due diligence is incomplete","persona-real-estate-investor",{"title":202,"use_case":203,"icon_asset_id":204},"Business acquisition buyers","Accepting an extended option period to finalize financing or complete audits before closing","persona-business-buyer",{"title":206,"use_case":207,"icon_asset_id":208},"Franchise operators","Formalizing an agreed extension of a franchise option before the original deadline lapses","persona-franchise-applicant",{"title":210,"use_case":211,"icon_asset_id":212},"IP licensees","Extending an option to license a patent or trademark while negotiating final royalty terms","persona-ip-licensee",{"title":214,"use_case":215,"icon_asset_id":216},"Private equity and venture professionals","Securing more time to exercise a stock purchase option pending regulatory or board approval","persona-investor",{"title":218,"use_case":219,"icon_asset_id":220},"Commercial landlords and tenants","Documenting accepted extension of a lease option before the original option window closes","persona-landlord",[222,226,229,233,237,241,245],{"situation":223,"recommended_template":224,"slug":225},"Extending an option to purchase real estate","Accept Option Extension of Agreement (Real Property)","accept-option-extension-of-agreement-D845",{"situation":227,"recommended_template":228,"slug":225},"Extending an option to acquire shares or a business","Stock Option Extension Agreement",{"situation":230,"recommended_template":231,"slug":232},"Extending an IP licensing option","IP License Option Extension Agreement","ip-license-agreement-D13357",{"situation":234,"recommended_template":235,"slug":236},"Granting a brand-new option for the first time","Option Agreement","put-option-agreement-D339",{"situation":238,"recommended_template":239,"slug":240},"Formally exercising the option rather than extending it","Notice of Exercise of Option","notice-of-exercise-of-option-to-purchase-D1213",{"situation":242,"recommended_template":243,"slug":244},"Terminating an option rather than extending or exercising it","Notice of Termination of Agreement","notice-of-cancellation-of-contract-D450",{"situation":246,"recommended_template":247,"slug":248},"Amending multiple terms of the underlying agreement beyond the option date","Contract Amendment Agreement","amendment-to-sales-contract-D1224",[250,253,256,259,262,265,268,271,274,277,280],{"term":251,"definition":252},"Option Period","The defined window of time during which the option holder has the right, but not the obligation, to exercise the option under the underlying agreement.",{"term":254,"definition":255},"Option Extension","A mutually agreed postponement of the original option expiry date, giving the holder additional time to decide whether to exercise the option.",{"term":257,"definition":258},"Extension Fee","A payment made by the option holder to the grantor in exchange for the grant of additional time, separate from any option premium already paid.",{"term":260,"definition":261},"Option Premium","The upfront consideration paid by the option holder to the grantor for the right to exercise the option under the original agreement.",{"term":263,"definition":264},"Grantor","The party who originally granted the option right and who must consent to any extension of the option period.",{"term":266,"definition":267},"Option Holder","The party who holds the right to exercise, decline, or — where agreed — extend the option during the option period.",{"term":269,"definition":270},"Exercise Date","The specific date by which the option holder must formally elect to exercise the option or forfeit the right permanently.",{"term":272,"definition":273},"Underlying Agreement","The original contract — purchase agreement, license, lease, or share purchase — that contains the option right being extended.",{"term":275,"definition":276},"Consideration","Something of value exchanged between the parties to make a contract legally binding — for an extension, typically a monetary fee or a promise.",{"term":278,"definition":279},"Time of the Essence","A contractual provision stating that deadlines are strict conditions, not mere targets — missing them constitutes a material breach or forfeiture of rights.",{"term":281,"definition":282},"Novation","Replacement of an existing agreement with a new one; distinct from an extension, which preserves the original agreement and merely shifts the expiry date.",[284,289,294,299,304,309,314,319,324,329],{"name":285,"plain_english":286,"sample_language":287,"common_mistake":288},"Parties and recitals","Identifies the grantor and option holder by legal name and recites the background — the existence of the underlying option agreement and the parties' desire to extend the option period.","This Accept Option Extension of Agreement ('Extension Agreement') is entered into as of [DATE] between [GRANTOR LEGAL NAME] ('Grantor') and [OPTION HOLDER LEGAL NAME] ('Holder'). WHEREAS, the parties entered into an Option Agreement dated [ORIGINAL DATE] ('Underlying Agreement') and Grantor has agreed to extend the Option Period on the terms set out herein.","Referencing the underlying agreement by description only rather than by its exact execution date and title — creating ambiguity about which agreement is being extended if multiple agreements exist between the same parties.",{"name":290,"plain_english":291,"sample_language":292,"common_mistake":293},"Extension of option period","States the new expiry date of the option, replacing the original deadline and confirming that the extension is the entire additional time being granted.","The Option Period under the Underlying Agreement is hereby extended to [NEW EXPIRY DATE] ('Extended Expiry Date'). For the avoidance of doubt, the Option Period shall not be extended beyond the Extended Expiry Date without a further written agreement signed by both parties.","Expressing the extension as a duration ('30 additional days') rather than a fixed calendar date — if the original expiry is disputed, the new deadline becomes uncertain.",{"name":295,"plain_english":296,"sample_language":297,"common_mistake":298},"Extension consideration","Records the fee or other consideration the option holder pays the grantor in exchange for the additional time, and confirms receipt if applicable.","In consideration of the extension granted herein, Holder shall pay Grantor an extension fee of $[AMOUNT] ('Extension Fee') on or before [PAYMENT DATE]. Receipt of the Extension Fee is acknowledged by Grantor's execution of this Agreement.","Omitting extension consideration entirely — relying on the original option premium as consideration for the new extension. Courts may find no fresh consideration for the extension, rendering it unenforceable.",{"name":300,"plain_english":301,"sample_language":302,"common_mistake":303},"Confirmation of original terms","Expressly states that all terms of the underlying option agreement remain in full force and effect except as modified by this extension agreement.","Except as expressly modified herein, all terms and conditions of the Underlying Agreement shall remain in full force and effect and are hereby ratified and confirmed. In the event of any conflict between this Extension Agreement and the Underlying Agreement, this Extension Agreement shall prevail.","Failing to include this clause, leaving open whether original conditions — price, representations, due diligence rights — continue to apply during the extended period.",{"name":305,"plain_english":306,"sample_language":307,"common_mistake":308},"Representations and warranties","Each party confirms that they have authority to enter the extension, that the underlying option has not been previously exercised or terminated, and that no third-party consents are required.","Each party represents and warrants that (a) it has full legal capacity and authority to enter into this Extension Agreement; (b) the Underlying Agreement remains in full force and has not been exercised, assigned, or terminated; and (c) no third-party consent is required for this extension.","Not confirming that the underlying option is still valid at the time of execution — if the original option lapsed before the extension was signed, there is nothing to extend.",{"name":310,"plain_english":311,"sample_language":312,"common_mistake":313},"Non-extension and forfeiture","Clarifies what happens if the holder does not exercise the option by the new extended expiry date — typically automatic forfeiture with no refund of premiums or extension fees.","If Holder fails to exercise the option on or before the Extended Expiry Date, the option shall automatically expire and all rights of Holder thereunder shall be permanently forfeited. The Extension Fee shall be retained by Grantor as compensation for the additional option period.","Omitting this clause and leaving ambiguity about whether partial exercise or a late exercise triggers any cure period — creating disputes when the holder misses the new deadline.",{"name":315,"plain_english":316,"sample_language":317,"common_mistake":318},"Conditions precedent to extension effectiveness","Lists any conditions that must be satisfied before the extension takes effect — most commonly, payment of the extension fee by a set date.","This Extension Agreement shall not become effective unless and until (a) Holder delivers the Extension Fee to Grantor by [PAYMENT DEADLINE]; and (b) both parties have executed this Agreement. If any condition is not satisfied by the Payment Deadline, this Extension Agreement shall be void and of no effect.","Treating the extension as immediately effective upon signing without tying effectiveness to payment of the extension fee — the grantor then has no mechanism to rescind if payment does not follow.",{"name":320,"plain_english":321,"sample_language":322,"common_mistake":323},"Governing law and dispute resolution","Specifies the jurisdiction whose laws govern the extension agreement and how disputes are resolved — typically the same governing law as the underlying agreement.","This Extension Agreement is governed by the laws of [STATE / PROVINCE / COUNTRY], without regard to conflict-of-law principles. Any dispute arising hereunder shall be resolved by [binding arbitration / the courts of [JURISDICTION]], which the parties hereby submit to as the exclusive forum.","Selecting a governing law different from the underlying agreement's governing law — creating a conflict where different legal standards apply to different parts of the same transaction.",{"name":325,"plain_english":326,"sample_language":327,"common_mistake":328},"Entire agreement and amendment","States that this extension agreement together with the underlying agreement constitutes the complete agreement between the parties on the extension, and can only be amended in writing.","This Extension Agreement, together with the Underlying Agreement, constitutes the entire agreement between the parties with respect to the extension of the Option Period and supersedes all prior negotiations, representations, or understandings. No amendment to this Extension Agreement shall be effective unless made in writing and signed by both parties.","Omitting this clause, allowing prior email exchanges or verbal assurances about extension terms to be introduced as part of the agreement in a later dispute.",{"name":330,"plain_english":331,"sample_language":332,"common_mistake":333},"Signature blocks and execution","Provides signature lines for authorized representatives of both parties, including name, title, date of signature, and — for corporate parties — evidence of authority.","IN WITNESS WHEREOF, the parties have executed this Extension Agreement as of the date first written above. [GRANTOR LEGAL NAME] by: _________________________ Name: [NAME] Title: [TITLE] Date: [DATE]. [HOLDER LEGAL NAME] by: _________________________ Name: [NAME] Title: [TITLE] Date: [DATE].","Having only one party sign the extension or having a signatory without authority execute — a corporate officer who lacks board authorization cannot bind the entity to the extension.",[335,340,345,350,355,360,365],{"step":336,"title":337,"description":338,"tip":339},1,"Insert the parties' full legal names and the execution date","Enter the grantor and holder's registered legal names exactly as they appear in the underlying option agreement. Set the execution date to the date both parties will sign — not a retroactive date.","If either party is a corporation, confirm the exact registered entity name from the corporate registry before inserting it — a mismatch between the extension and the underlying agreement creates an enforceability risk.",{"step":341,"title":342,"description":343,"tip":344},2,"Reference the underlying option agreement precisely","In the recitals, enter the exact title and execution date of the original option agreement. If it has a unique reference number, include that too.","Attach a copy of the first page of the underlying agreement as Exhibit A — it eliminates any dispute about which document is being extended.",{"step":346,"title":347,"description":348,"tip":349},3,"Set the new extended expiry date as a specific calendar date","Replace the original option deadline with a fixed calendar date — e.g., 'August 31, 2026.' Avoid duration language like '30 days from the date hereof' unless the original date is indisputably documented.","Build in a buffer of at least 3–5 business days beyond the date you actually need — courier delays, banking holidays, and counterparty response times erode deadlines quickly.",{"step":351,"title":352,"description":353,"tip":354},4,"Define and record the extension fee","Agree on the extension consideration with the grantor and enter the dollar amount and payment deadline. If the extension is granted without a separate fee, document that the parties have agreed to nominal consideration (e.g., $1 and other good and valuable consideration) to satisfy the legal requirement.","Even a nominal fee creates fresh consideration — omitting it entirely is the single most common cause of extension agreements being challenged.",{"step":356,"title":357,"description":358,"tip":359},5,"Confirm all original option terms carry through","Review the original agreement and confirm that the exercise price, due diligence rights, and any conditions have not changed. If any term is being adjusted alongside the extension, document the change explicitly rather than relying on verbal agreement.","If more than one term is changing, consider using a formal Contract Amendment Agreement rather than folding all changes into the extension document.",{"step":361,"title":362,"description":363,"tip":364},6,"Complete the representations and warranties section","Confirm that the underlying option has not lapsed, been exercised, or been assigned prior to this extension. Both parties should verify their own authority to sign — check corporate resolutions or partnership agreements if needed.","A quick title search or register check before execution confirms that no adverse event has affected the underlying subject matter since the original option was granted.",{"step":366,"title":367,"description":368,"tip":369},7,"Execute before the original option period expires","Both parties must sign before the existing option deadline — not on or after. Schedule signing at least five business days before expiry to allow for review, revision, and delivery.","Use a timestamped e-signature platform so that the exact moment of execution is captured — this eliminates disputes about whether the extension was signed before or after the original expiry.",[371,375,379,383],{"mistake":372,"why_it_matters":373,"fix":374},"Signing the extension after the original option has expired","An option that has already lapsed cannot be revived by a later extension document — the grantor's offer has expired and there is nothing left to extend. Courts generally treat post-expiry extensions as a new offer, not a continuation of the old one, meaning the original option terms do not automatically carry through.","Calendar the original expiry date with at least a 10-business-day reminder. If the deadline has passed, work with a lawyer to draft a fresh option agreement rather than an extension.",{"mistake":376,"why_it_matters":377,"fix":378},"Omitting fresh consideration for the extension","In common-law jurisdictions, each new agreement — including an extension of an existing contract — requires its own consideration to be enforceable. Relying on the original option premium as consideration for the extension gives courts a basis to void the extension.","Always include a separate extension fee, even a nominal amount. Document receipt of the fee in the agreement or confirm it by reference to a wire transfer or check number.",{"mistake":380,"why_it_matters":381,"fix":382},"Using duration language instead of a specific new expiry date","Phrasing like '30 days from the extension date' creates ambiguity when the original expiry date is itself disputed — the new deadline becomes a moving target that neither party can pin down without litigation.","Always express the new deadline as a fixed calendar date: 'The option period is extended to and including [DATE].' This removes any arithmetic uncertainty.",{"mistake":384,"why_it_matters":385,"fix":386},"Failing to confirm that the underlying option terms still apply","Without a confirmation clause, a party may argue that the extension superseded the original agreement entirely — eliminating exercise price protections, due diligence rights, or other conditions that were in the original document.","Include an explicit clause stating that all terms of the underlying agreement remain in full force except as expressly modified by the extension, and that the extension prevails only in the event of direct conflict.",[388,391,394,397,400,403,406,409,412],{"question":389,"answer":390},"What is an accept option extension of agreement?","An accept option extension of agreement is a binding legal document through which an option holder formally accepts the grantor's offer to extend the exercise period of an existing option. It records the new expiry date, any additional consideration paid for the extra time, and confirms that all original option terms remain in effect. It is distinct from exercising the option — the holder is simply purchasing more time to decide, not committing to the underlying transaction.\n",{"question":392,"answer":393},"When should an option extension be signed?","The extension must be signed before the original option period expires — ideally at least five business days before the deadline to allow for review and any last-minute corrections. An extension executed after the option has lapsed is generally unenforceable in common-law jurisdictions and is typically treated as a new option offer rather than a continuation of the old one, meaning the original option terms do not automatically carry through.\n",{"question":395,"answer":396},"Is fresh consideration required for an option extension?","Yes, in common-law jurisdictions including the US, Canada, the UK, and Australia. Each new contractual agreement — including an extension of an existing option — requires its own consideration to be legally binding. The original option premium paid under the underlying agreement is generally not sufficient. A separate extension fee, even a nominal amount, is the standard solution. Consult a lawyer if you are unsure what constitutes adequate consideration in your jurisdiction.\n",{"question":398,"answer":399},"What happens if the option holder does not exercise by the extended expiry date?","The option expires automatically and the holder permanently forfeits the right to exercise it. Extension fees and the original option premium are typically non-refundable and are retained by the grantor as compensation for holding the subject matter off the market. This outcome should be clearly documented in the non-extension and forfeiture clause of the extension agreement to prevent disputes if the holder misses the new deadline.\n",{"question":401,"answer":402},"Can an option be extended more than once?","Yes, provided both parties agree and each successive extension is documented in a separate, signed extension agreement with its own consideration. Each extension must be executed before the current option period expires. There is no legal limit on the number of extensions, but grantors typically charge increasing extension fees for successive extensions to compensate for the ongoing market risk of holding the subject matter.\n",{"question":404,"answer":405},"Does an option extension need to be notarized?","For most commercial option extensions, notarization is not required. An exception applies to options over real property in certain US states and Canadian provinces where instruments affecting land must be notarized or witnessed before they can be registered against title. Check the recording requirements in your jurisdiction for real estate options. For all other asset types, dual signatures and a dated execution are typically sufficient.\n",{"question":407,"answer":408},"What is the difference between an option extension and a contract amendment?","An option extension changes only the expiry date of the option period and confirms that all other terms continue unchanged. A contract amendment modifies specific terms of the underlying agreement — price, conditions, scope — while keeping the rest of the contract intact. If you need to change the option exercise price, due diligence conditions, or any substantive term alongside the extension, use a contract amendment agreement rather than, or in addition to, the extension document.\n",{"question":410,"answer":411},"Can the grantor refuse to extend the option?","Yes. A grantor is under no obligation to grant an extension unless the underlying agreement contains a specific right to extend. Most option agreements give the holder a right to exercise or decline — but not a unilateral right to extend. The grantor can refuse, demand a higher extension fee, or impose new conditions. For this reason, any extension should be documented promptly once agreed verbally, before the grantor changes position.\n",{"question":413,"answer":414},"Do I need a lawyer to complete an option extension agreement?","For straightforward commercial or real estate option extensions with clearly identified parties, a fixed new expiry date, and a simple extension fee, a high-quality template is generally sufficient. Engage a lawyer when the underlying asset is high-value real property, the option involves complex regulatory approvals, the extension is the second or third successive extension, or when either party is a trust, estate, or foreign entity requiring special authority documentation.\n",[416,420,424,428],{"industry":417,"icon_asset_id":418,"specifics":419},"Real estate and property development","industry-real-estate","Option extensions on land and commercial property are common when environmental or zoning approvals are delayed; in many jurisdictions the extension must be registered against title to bind third-party purchasers.",{"industry":421,"icon_asset_id":422,"specifics":423},"Mergers and acquisitions","industry-mergers-acquisitions","Buyers extending options to acquire businesses or share packages typically tie the extension to a specific financing or regulatory milestone, with an increased fee reflecting the seller's extended exclusivity.",{"industry":425,"icon_asset_id":426,"specifics":427},"Technology and intellectual property","industry-saas","IP licensing option extensions arise when a licensee needs more time to complete technical validation or secure budget approval before committing to a full license, with the extension fee credited against the eventual license fee.",{"industry":429,"icon_asset_id":430,"specifics":431},"Franchising","industry-franchise","Franchise option extensions allow prospective franchisees to complete site selection, financing, or training requirements before formally exercising the territorial option granted by the franchisor.",[433,436,439,442],{"vs":235,"vs_template_id":434,"summary":435},"option-to-purchase-agreement-D12635","An option agreement is the founding document that creates the option right — it defines the subject matter, exercise price, option premium, and original expiry date. An accept option extension of agreement is a subsequent document that simply shifts the expiry date forward. You need the option agreement first; you use the extension only when the original deadline is approaching and more time is required.",{"vs":247,"vs_template_id":437,"summary":438},"amendment-agreement-D11948","A contract amendment modifies specific substantive terms of an existing agreement — price, scope, conditions — while preserving the rest. An option extension modifies only the expiry date. If you need to change the exercise price or add conditions alongside extending the deadline, a contract amendment is the correct instrument, not a standalone extension document.",{"vs":239,"vs_template_id":440,"summary":441},"","A notice of exercise formally commits the holder to completing the underlying transaction — it consummates the option right. An accept option extension does the opposite: it preserves optionality by pushing the decision deadline forward. Once an exercise notice is issued, the extension document is no longer relevant; the parties move to closing the underlying transaction.",{"vs":243,"vs_template_id":443,"summary":444},"notice-of-termination-of-agreement-D12607","A termination notice ends the option relationship entirely — the holder declines to exercise and forfeits all premiums paid. An extension preserves the relationship and the holder's right to exercise. The two documents are mutually exclusive: a holder who has sent a termination notice cannot subsequently seek an extension of the same option.",{"use_template":446,"template_plus_review":450,"custom_drafted":454},{"best_for":447,"cost":448,"time":449},"Standard commercial or IP option extensions with clear parties, a simple fee, and an unambiguous new expiry date","Free","15–30 minutes",{"best_for":451,"cost":452,"time":453},"Real estate option extensions, successive extensions, or situations where the underlying agreement contains complex conditions","$250–$600","1–3 days",{"best_for":455,"cost":456,"time":457},"High-value property transactions, multi-party option structures, cross-border extensions, or options requiring regulatory consent","$1,000–$3,500+","1–2 weeks",[459,464,469,474],{"code":460,"name":461,"flag_asset_id":462,"note":463},"us","United States","flag-us","Option extensions generally require fresh consideration under common law in all 50 states. For real property options, check whether the extension must be recorded in the county land records to be enforceable against subsequent purchasers or lien holders — requirements vary by state. California and New York have specific statutory frameworks governing options on real estate that affect extension formalities.",{"code":465,"name":466,"flag_asset_id":467,"note":468},"ca","Canada","flag-ca","Fresh consideration is required in all provinces for a valid option extension. Real property option extensions in Ontario, British Columbia, and Alberta should be registered on title to bind third parties. Quebec, as a civil law jurisdiction, applies different rules under the Civil Code — an option (promesse de vente) extension may need to be notarized to be opposable to third parties. French-language versions may be required for contracts in Quebec.",{"code":470,"name":471,"flag_asset_id":472,"note":473},"uk","United Kingdom","flag-uk","Under English law, consideration is required for a binding option extension; a deed can be used in lieu of consideration if both parties wish to avoid a monetary fee. Option extensions relating to land must comply with the Law of Property (Miscellaneous Provisions) Act 1989 — the document must be in writing, contain all agreed terms, and be signed by both parties. Options over shares in private companies should be reviewed against any pre-emption provisions in the company's articles of association.",{"code":475,"name":476,"flag_asset_id":477,"note":478},"eu","European Union","flag-eu","Option extension formalities vary significantly by member state. France and Germany do not require monetary consideration in the common-law sense but impose specific formal requirements — French options on real property must be registered within ten days of execution. GDPR considerations apply when personal data of individuals is processed in connection with the underlying transaction documentation. Cross-border extensions within the EU should specify the governing law and jurisdiction explicitly to avoid conflict-of-laws disputes under the Rome I Regulation.",[480,481,244,482,483,484,485,486,487,488,489,490],"option-to-buy-agreement-D336","amendment-agreement-D13872","letter-of-intent_acquisition-of-business-D5197","purchase-agreement-D12670","non-disclosure-agreement-nda-D12692","exclusivity-agreement-D12830","non-profit-partnership-agreement-D14023","real-estate-purchase-agreement-D13234","agreement-of-purchase-and-sale-of-business-assets-D318","lease-agreement-D1179","term-sheet-D473",{"emit_how_to":189,"emit_defined_term":189},{"primary_folder":95,"secondary_folder":493,"document_type":494,"industry":495,"business_stage":496,"tags":497,"confidence":501},"equity-and-mergers","agreement","general","all-stages",[494,498,499,500],"contract","legal","option-extension",0.85,"\u003Ch2>What is an Accept Option Extension of Agreement?\u003C/h2>\n\u003Cp>An \u003Cstrong>Accept Option Extension of Agreement\u003C/strong> is a legally binding document through which an option holder formally acknowledges and accepts the grantor's consent to extend the exercise period of an existing option. Rather than exercising or abandoning the underlying right — whether that right relates to purchasing real estate, acquiring a business, licensing intellectual property, or completing a commercial transaction — the holder secures additional time to make that decision. The extension records the new expiry date, documents any consideration paid for the extra period, and expressly confirms that all terms of the original option agreement continue in force. Without it, the parties have at best an informal understanding that courts will struggle to enforce once the original deadline has passed.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Relying on an email exchange or a verbal assurance from the grantor that "a few more weeks is fine" creates serious legal risk. An undocumented extension leaves the option holder exposed to the grantor changing position, selling or encumbering the subject matter, or simply denying that any extension was ever agreed. If the original expiry date passes without a signed, consideration-backed extension agreement, the option lapses automatically in most jurisdictions — and the holder loses all rights regardless of how much was already invested in due diligence, financing, or negotiations. A properly executed accept option extension of agreement eliminates that risk: it creates a fixed new deadline that both parties are contractually bound to honor, preserves the original exercise price and conditions, and gives the holder the documented legal basis to enforce the option if the grantor attempts to withdraw during the extended period. This template gives you a ready-to-use structure that covers every material clause — parties, new expiry, consideration, confirmation of original terms, forfeiture on non-exercise, and governing law — so you can execute promptly and protect your position before the clock runs out.\u003C/p>\n",1781186036528]