How to Write an Amendment to a Contract by Jayne Thompson - Updated September 26, When parties make a contract they can add to it or change by writing a legal addendum.
And more often than not, amendments and addenda to business contracts benefit both parties. A written contract can be amended in a matter of minutes.
If the original signatories are present, then the document can be altered and initialed without a lawyer or legal counsel. Why not just jot down your changes, sign the document, and carry on? By following a few simple guidelines, you can protect yourself from disagreements and litigation… In business, a written contract trumps a promise, a vow, a handshake, or even an agreement scribbled on a sheet of loose-leaf paper.
Contracts are the law of the land, and any time you sign a legally-binding agreement, you need to be certain that the document is iron-clad.
The same goes for any subsequent amendments to the contract. If you think that you have legally revised an operating agreement, a mortgage, or employment terms, then you want to be absolutely sure that your revisions will hold water in court of law. Luckily, amendments are fairly straightforward to write.
Many contracts specify the terms of their own emendation, and by following the simple guidelines listed below, you can protect yourself from disagreements and litigation.
Do what it says. Discuss your proposed amendment with the other party or parties involved. Do you agree on what needs to be amended?
Enter the names and titles of parties involved. Clearly state in a sentence or two that both parties are agreeing to amend this contract on such-and-such date and such-and-such time. Then clearly describe the changes in writing. Make sure to note the name or number of the section that is being revised.
An addendum, on the other hand, does not change the contract, it adds to it.
An addendum is usually added to an exiting contract only when something of crucial importance has been accidentally omitted from the original document. As always, when in doubt, ask a lawyer for assistance.Consider the following points when modifying a contract after signing: Take note of whether any party, including yourself, has already begun performing their contractual duties.
For example, if the opposite party has already delivered a product, make sure to take note of the delivery. Create a new document disclosing the fact that an amendment is being made to the original contract.
2. Specify at the beginning of the document the name of all parties bound by the original contract, as well as the date the original contract went into effect.
Read the contract that you wish to amend. Make a note of the clauses that you wish to delete, add to or change. Create a new blank document.
Name and style the document "Amendment to Contract." You can set out your addendum any way you like -- for example, as a letter or matching the font, style and layout of the original contract.
This CONTRACT ASSIGNMENT AND AMENDMENT AGREEMENT (this “ Agreement ”), is made and entered into as of December 31, , by and among DEEP DOWN, INC., a corporation existing under the laws of Nevada. Sample language. Some contracts allow one party (usually a vendor) to unilaterally amend the contract terms on, say, 30 days’ advance notice.
Typically, such provisions give the other party the right to terminate the agreement if it objects to the amendment. A contract amendment is also known as a contract addendum, amending agreement, or simply an addendum.
Many contracts include a modification of contract clause that .