An Amending Agreement is also known as:
- Contract amendment
- Contract addendum
- Addendum to contract
What is an Amending Agreement?
An amendment is a minor change made to a document, such as a correction, deletion, or addition. An Amending Agreement is a written record of the change(s).
If you need to change specific terms, it is often easier to amend a contract than to create a whole new one. Putting the changes in writing using an Amending Agreement can prevent confusion or future misunderstandings over the terms of an agreement.
Types of Contracts that Can Be Amended:
Most contracts can be amended if the parties agree to the changes. You can amend:
- Loan contracts, such as a Promissory Note
- Residential or commercial lease agreements
- Business contracts, such as a Shareholder Agreement
- Employment and freelance contracts
- Privacy agreements, such as an NDA
- Prenuptial and separation agreements
- Estate documents, including a Last Will and Testament
When to Use an Amending Agreement:
A contract may need to be amended to reflect a change in law, but more often, it is to accommodate the needs of one or both parties.
A contract amendment is often used to modify:
- A contract's duration
- The obligations of one or both parties
- Payment amounts or due dates
- Shipping details, such as quantities or delivery dates
- Terms of service
- Terms and conditions of employment
What to Include in Your Amending Agreement:
LawDepot's form allows you to make up to five amendments in a single Amending Agreement. When writing your amendments, be sure to reference the section or clause of the original contract that is being altered, and to use clear, simple language.
Your amending document should provide the names of the parties (individuals or corporations) to the contract, and information about the original contract, including why it was created and when it came into effect. In addition, you should state whether the contract has previously been changed (if you've already amended it several times, you might consider creating a new contract).
Do the Parties Need to Agree to the Changes?
A legally binding contract between two or more parties can only be altered with the mutual consent of everyone involved. The parties can acknowledge their consent by signing the Amending Agreement.
Do the Terms of the Original Contract Still Apply?
An Amending Agreement allows you to make small changes without having to create an entirely new contract. Therefore, any terms that haven't been modified in the Amending Agreement remain in place.