Prolongation

(lat. prolongatio - lengthen) - extension of the term of a contract, agreement, bill, loan, etc. Clause of the contract - extension of the validity of the contract in excess of the period of validity provided for at its conclusion. The clause of the contract is made in two ways: a) by concluding a special agreement (protocol) on the extension of the contract for a certain period; b) by including an extension clause in the text of the agreement itself. In this case, an automatic clause usually takes place, when the contract provides that if none of the contracting parties makes a declaration of withdrawal from the contract a certain time before the expiration of its validity, then the contract is automatically considered extended for a certain period specified in it.