Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
The lease extension or the extension of lease indicates legal agreements which extend the tenure of the existing rental/lease agreement. Extensions are not mandatory for specific business relationships, although they are granted prior to the expiry of any original agreement. They are also common between tenants and landlords of both commercial and residential units, or between those leasing out equipment, machinery, vehicles, plants, and so on.
Lease extensions are often seen in the residential and commercial real estate sector, where extensions are made to the lease tenure with renegotiated terms and conditions by the landlords and their tenants. This is done just before the original lease is about to expire as well.
