How to amend an existing contract.
This article offers you a succinct, helpful explanation of contract amendments and how to add one to an existing contract.
Sometimes an existing legal contract between parties ends up needing changes or adjustments. When that happens, a contract amendment is necessary. For example, an existing contract might require a new deadline or a change in benefit amounts. That’s where amending a contract comes into play.
What are the specific steps involved in amending an existing contract? Read on to discover how to legally amend a contract after it’s already been signed.
What is a contract amendment?
Most contracts are crafted with care and precision. Even after a contract is signed, however, sometimes the parties involved may want to review and change specific aspects of it. When this happens, contract amendments are needed.
Contract amendments are changes to an original contract that are wholly and mutually agreed on by all the parties involved in the contract. Amendments can be modifications, additions, deletions, or some combination of all these types of contract edits.
If a contract only needs a small change or two, typically a simple solution is to add an addendum to the contract. Alternatively, in a scenario where numerous changes are needed, parties will typically opt to amend the existing contract, which often requires a restatement of the contract.
How to amend an existing contract: key requirements.
Depending on the contract, several important rules for amending existing contracts must be considered. Typically, two requirements are true for all amendments to existing contracts.
- All parties must agree on the modifications for the amendment to stand.
- All parties must sign and authorize the amendment.
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