A Contract Extension Addendum is an officially-binding document that alters, expands, or extends existing contractual agreements. This document outlines new parameters that supersede, add to, and/or supplement any previous terms specified in the original contract. It can include changes to payment structures, amendments, new deadlines, or other modifications. In essence, a Contract Extension Addendum captures all changes being made so parties involved do not have to re-negotiate the entire agreement from scratch. Make sure you are familiar with the contents of your current contract before executing an extended agreement so you can be extra certain all specifications within the addendum are accurate.