When two parties have a contract, they may agree to change the terms of the contract with a contract amendment. A contract amendment is a document that changes one or more terms of the original contract. The amendment must be signed by both parties in order to be valid.
A contract amendment can be used to make changes to the original contract such as extending the length of the contract, changing the price, or adding new terms and conditions. Amendments can also be used to remove terms from the original contract. For example, if one party wants to get out of the contract, they may include an amendment that releases them from their obligations under the contract.
It’s important to note that a contract amendment is different from a modification, which is a change to the original contract that is not made in writing and signed by both parties. Modifications are not legally binding and can often lead to disputes between the parties.