Extension

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Extension

Voluntary arrangements to restructure a firm's debt, under which the payment date is postponed.

Extension

1. In options, the expiration date. Occasionally the parties to an option contract will agree to extend the expiration to a certain date in the future.

2. In taxes, the day that one must file one's return if one asked the tax agency for more time to do it. For example, in the United States the deadline to file tax returns is 15 April. If a taxpayer is unable to make this deadline, he/she may ask the IRS for an extension until 15 October. In this case, 15 October is the extension date.

3. In an offer for bids on a contract, the date to which a deadline is lengthened. If there is either a lack of interest or no good bids on a contract, the company or government offering it may extend the deadline to allow other companies to decide whether to make a bid. This second deadline is the extension date.

extension

An agreement to defer the time for doing an act or for termination of a lease.

Extension

A provision thta allows additional time to perform an act required by the tax law or by regulation. The term is used most often when referring to an extension to file the tax return, but it also applies to extensions for making available elections.
References in periodicals archive ?
He said: "If you are using an extension lead - make sure it is unravelled before you put power in it.
Rebecca Lynch is urging people to be careful with extension leads after a fire broke out in the front bedroom of her semi-detached house on Hawthorne Drive, Brotton.
CONSUMERS are being urged to check their extension leads after a product on sale was found to be potentially dangerous.
Tim Parkin, prosecuting said: "This case is about the brutal and sadistic killing of a 56-year-old man in his own home for no reason apparent other than the entertainment of his killers "They had been trying to strangle him with an electrical extension lead, each of them holding one end and pulling it tight.
It features an extendable handle that adds an extra 40cm to the reach, making it easier to get to the top of a tall bush or tree and the long cable means you might not have to rely on an extension lead.
5cfm air compressor, a yellow 110 extension lead, a glue canister with gun and hose attached, and a Stanley holdall containing various tools.
Robert Buckland, defending, said the fire began because of a faulty extension lead, not because Rasul had breached any orders.
It'll keep the battery charged up if you've driven away from home and your extension lead doesn't reach the car.
The fees office rejected the receipts for baubles, lights and an extension lead in December 2006.
Simply plugging in your lawn mower and using an extension lead without first checking the condition of the plugs and cables or checking whether you have a power breaker or RCD is simply irresponsible.
Never use an extension lead thinner then the lead attached to the tool; otherwise the extension lead may well overheat.
A YOUNG family had a lucky escape after an extension lead burst into flames.