Extension
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Extension
An increase in the length of time specified in a contract.
A part constituting an addition or enlargement, as in an annex to a building or an extension to a house. Addition to existing facilities.
An allowance of additional time for the payment of debts. An agreement between a debtor and his or her creditors, by which they allow the debtor further time for the payment of liabilities. A creditor's indulgence by giving a debtor further time to pay an existing debt.
The word extension, when used in its proper and usual sense in connection with a lease, means a prolongation of the previous leasehold estate. The distinction between extension and renewal of lease is chiefly that, in the case of renewal, a new lease is requisite, while, in the case of extension, the same lease continues in force during an additional period upon performance of a stipulated act. An option for renewal implies giving a new lease on the same terms as those of an old lease, while an option for extension contemplates a Continuance of an old lease for a further period.
Request for additional time to file an income tax return beyond the due date.
extension
n. granting of a specific amount of extra time to make a payment, file a legal document after the date due, or continue a lease after the original expiration of the term.
EXTENSION, comm. law. This term is applied among merchants to signify an
agreement made between a debtor and his creditors, by which the latter, in
order to enable the former, embarrassed in his circumstances, to retrieve
his standing, agree to wait for a definite length of time after their
several claims should become due and payable, before they will demand
payment.
2. Among the French, a similar agreement is known by the name of
atermoiement. Merl. Rep. mot Atermoiement.