Commentary

101.3 Loan extensions

BAILMENT vol 3(1)
| Commentary

101.3 Loan extensions

| Commentary

101.3 Loan extensions

If the parties consider at the time of the loan that an extension of the initial loan period might become desirable, the original agreement should make formal provision for that. It may do so by enabling the parties to conclude some additional agreement, for a further loan period, before the first period has expired. Alternatively, the original agreement could specify in advance a set optional extension period, together with machinery for its activation. Such provision should prescribe the party at whose election, and the procedure by which, the set extension is to be activated. Informal and ad

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