A draft addendum is an agreement that provides a way to modify the terms of an existing contract without requiring both parties to sign a brand new document. It can be used to add or change specific terms, such as payment amount or interest rate, without having to renegotiate the entire contract. Draft addendums can also provide an effective way to resolve disputes and disagreements without having to create an entirely new agreement. When creating a draft addendum, it’s important to make sure that all parties are in agreement about the changes being proposed – and only once the addendum has been approved and signed by all involved should it be considered valid.