Contract Change Definition
A contract change is a modification to an existing contract. A contract change can be made for a variety of reasons, including:
-To reflect changes in the scope of work
-To reflect changes in the schedule
-To reflect changes in the price
-To reflect changes in the terms and conditions
-To reflect changes in the contracting parties
A contract change can be made by mutual agreement of the contracting parties, or it can be made unilaterally by one party. A unilateral contract change is typically made when there is a change in circumstances that was not anticipated by the parties at the time they entered into the original contract. For example, if there is a significant increase in the cost of materials, one party may seek to modify the contract to reflect that increased cost.
Contract changes can also be made through amendment or supplementation of the original contract document. Amendments are typically used to make small changes to the contract, while supplements are used to make more significant changes.
