Contract Amendment Information:
A Contract Amendment is a document that is used to change, add, amend, delete or clarify a term or section of an original, existing contract, with the mutual consent and agreement of all parties. For example, if the parties are seeking to change a term, make an amendment, or to clarify a term more accurately or to make the original contract better, then the parties would use a contract amendment agreement. Many times, situations change and circumstances may require the parties to an existing agreement to update the terms, to do so the Parties would need a Contract Amendment.
In order to create a Contract Amendment, the Parties must mutually agree to the changes to the original agreement. They must put the changes in writing and all parties from the original agreement must sign and consent to the amendments. When creating your Contract Amendment, make sure to have the original agreement nearby as you will need to reference the original agreement by the title or name of that contract, date signed and refer to any sections or paragraphs that are being amended. Once all parties sign the amendment, attach it to the original contract or agreement.
It is important to note that a Contract Amendment is different than a Contract Addendum. Unlike a Contract Amendment, a Contract Addendum seeks to add new terms to the agreement while keeping all the original terms of the contract in place, while a Contract Amendment seeks to make changes to an existing agreement to make it better, to correct something or to clarify a point in the preexisting agreement. An amendment may also change the original agreement by replacing a specific portion the agreement, unlike an addendum that may add additional new terms or exhibits or documents to an existing agreement.