An amended contract is a revision of an existing agreement between two or more parties. This new contract modifies, adds, or deletes certain terms, provisions, or clauses within the original document. It must be signed by both parties in order to be legally binding. Amending a contract usually occurs when one or both parties wish to change the terms of the agreement due to unforeseen circumstances. An amendment can serve as a way to revise and update a contract to reflect current legal requirements and business practices.