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

(Expansion), noun addition, amplification, augmentation, broadening, dilatation, dilation, distention, enlargement, growth, increase, innrease of size, increment, magnification, prolatio, spreading, stretching, supplementation, widening

extension

(Postponement), noun abeyance, added time, additional time, adjournment, break, continuance, continuation, deferment, deferral, delay, extra time, further time, intermission, moratorium, more time, pause, recess, respite, rest, stall, stay, suspension, suspennion of activity, temporary stop, temporary suspension
Associated concepts: extension for good cause, extension of payment, extension of renewal of note, extension of time
See also: accession, accretion, addition, additive, adjournment, adjunct, advance, appendix, appurtenance, augmentation, boom, continuance, continuation, deferment, development, enlargement, growth, increase, increment, inflation, insertion, latitude, magnitude, offshoot, organ, rider, stress, survival

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.

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