The only constant thing in life is change and contracts are not spared of this as well. Contracts are legally binding documents between two or more parties. It is a document that outlines the benefits and duties that each party should undertake. To be effective legally, some contracts need to be in writing. During the lifecycle of a contract, one or both parties may feel the need to change one or several aspects of the contract. This means that there may be changes to the fundamental entitlements and obligations of a contract.
The changes may mean adding or altering the values of the contract in the entry component of the agreement, on the Special Payment Terms page on the Related Project page. Parties often make changes to their contracts when they are active. This may change on different platforms. Both parties could make changes to these contracts regardless if they agreed upon them orally or in writing. You can amend your contract in part or in whole, and this depends on the needs of the parties. Additionally, you can modify a contract before signing it or after you and the other party have agreed to it.
While there is always a provision for amendments in a contract, one party cannot just wake up one fine morning and make the changes they want. For the changes to be valid, both parties need to agree to them. If one of them does not agree to the changes, then they will not be enforceable. Valid amendments are normally enforced and according to the law, they are legally binding.
A Contract Amendment document is used to modify the terms of an original contract. It’s possible to add to, delete from, correct, or otherwise modify the original agreement with this document.
Here are some things to remember when you create a Contract Amendment:
- Avoid making multiple amendments to your contract, especially if it amends a prior amendment. Instead, you can prepare a single amendment that restates and revokes all prior amendments.
- To avoid potential misinterpretations of your contract, you should restate the entire provision or paragraph of your contract, rather than merely deleting, adding or changing a portion of it.
- Once you have completed the Contract Amendment document, don’t forget to date it, ensure that it is signed by the parties who signed the original contract, and provide copies to these parties, as well as to anyone else who held a copy of the original contract.