Amendment Of Contract Definition
An amendment of contract is a modification to an existing agreement between two parties. The amendment may be made in order to change one or more terms of the contract, or to add new provisions. An amendment must be agreed upon by both parties and executed in writing in order to be legally binding.
There are many reasons why an amendment to a contract may be necessary. Perhaps the original agreement no longer meets the needs of either party, or there has been a change in circumstances that necessitates a change to the contract. Whatever the reason, it is important that any amendments to a contract be clearly defined in order to avoid any confusion or misunderstanding later on.
When drafting an amendment to a contract, it is important to include:
– The date of the original contract
– The date of the amendment
– A reference to the specific clause or clauses being amended
– The new language of the clause or clauses being amended
– The signature of both parties
