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"extension of contract" is a grammatically correct phrase and can be used in written English
You can use it when referring to a renewal or continuation of a contract that is already in place. For example: - The company has agreed to an extension of their contract with the supplier for another year. - The athlete's contract includes an option for an extension of two more years. - We need to discuss the terms of the extension of contract before the current one expires.
Exact(1)
The Algerian could not reach an agreement over an extension of contract with the Scottish side which resulted in his decision to leave.
Similar(55)
The chairman also said the contract should be a "reasonable length of time," and extension of contracts should not necessarily include a renewal of the termination fee.
But it states that the difficulties should be solved locally, by extension of contracts.
Aikman's contract calls for the $7 million bonus and extension of his contract through 2007 if he is on the roster March 15.
Bonds wanted an extension of his contract, and when the Giants refused, he was upset.
The Mets, he said, are willing to discuss an extension of his contract during this season.
Mr. Masur, infuriated, resisted and ended up negotiating an extension of his contract until September 2002.
"I hadn't actually thought much about the extension of his contract," Flower said.
The director of Britain's Serious Fraud Office has secured a two-year extension of his contract to April 2018.
"With this extension of the contract until 2030 Adidas will continue its long partnership with FC Bayern München," said Adidas spokesman Oliver Brüggen.
Mechanics represented by the Teamsters union have ratified a four-year extension of their contract with Southwest Airlines.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com