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 updated in July of 2021 by the Wex Definitions Team]