Contract Modification
A contract modification is a change to the terms of a contract. The changes can be made to the price, quantity, delivery date, or any other aspect of the contract. The modification must be agreed upon by both parties, and it must be in writing.
There are two types of contract modifications: voluntary and involuntary. Voluntary modifications are made at the request of one party, and they are usually made to benefit that party. Involuntary modifications are made when there is a change in circumstances that affects the contract, such as a change in the law or a natural disaster.