Sign two copies of the extension, one for you and the other Party Fortunately, it is quite easy to find any figure template for a contract renewal contract in which you only have to insert the corresponding information. If you`d rather design your own contract renewal contract than use an online template, you can either consult a lawyer with a background in contract law or find examples of such a language online. But the first would be advised. An additional time allowance for the payment of the debt. An agreement between a debtor and its creditors, where by which they prohibit the debtor from paying debts. The leniency of a creditor by giving a debtor more time to settle an existing debt. If your agreement is complicated, do not use the attached form. .