Question

1. Extension: Means an amendment to an existing contract which can include either an increase in funds, increase in the scope of work and or an extension in time and must meet specified criteria.

Answer 1

Step-by-step explanation:

Correct. An extension in the context of a contract refers to an amendment or modification made to an existing contractual agreement. This amendment can involve various changes, such as increasing the funds allocated for the project, expanding the scope of work, or extending the time period for completion. However, for the extension to be valid and effective, it must meet specific criteria outlined in the original contract or agreed upon by both parties involved.