Be as detailed as possible about the original contract without repeating the entire document. Legally, you want to cover yourself so that all parties understand their responsibilities under the renewal. If money changes hands as part of the agreement, reiterate that in this document.
As part of this contract renewal, each party has the option to renegotiate the terms of the agreement. Some of the options to change include the following:
The renewal term – the period of time the extension will last.
Fees – how much one party pays the other for goods or services.
Change in benefits or responsibilities.
The current terms will be automatically extended by signing this contract unless the parties negotiate different terms. All parties have until (enter date) to renegotiate the terms of this renewal. The present conditions of this agreement include the following:
Areas of Responsibilities
As pursuant to this agreement, each party is tasked with the following responsibilities. (Detail what each party must do to uphold the agreement legally).
The following payments will be paid as a condition of this contract for products/services rendered. (Detail how much each party will be paid for delivering a specific product or service and how frequently).
[Sender.FirstName][Sender.LastName] reserves the right to renegotiate this contract with reasonable modifications at any time within the current term. If [Client.FirstName][Client.LastName] does not agree to the new terms; the contract may be dissolved with a 30-day written notice.