extension

Extension is a grant to increase the time originally specified in a written contract , a verbal agreement, or an obligation . It may be an additional time granted to make a payment of debt or a bill ; it can be time granted to file a legal document after the expiration of a due date, such as income tax return; or it can be prolongation of an existing lease of a real estate property.

[Last reviewed in July of 2021 by the Wex Definitions Team ]

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