Contract Amendment
A contract amendment is an alteration to an original agreement that modifies specific provisions while generally keeping the rest of the contract intact, creating a new version for all parties to follow.
What is a Contract Amendment?
A contract amendment is a formal agreement that modifies an existing, fully signed agreement between parties. This modification can involve additions, deletions, or other changes to the original contract. Often, contract amendments are used to address changes in circumstances after the initial agreement has been made, such as adjustments to the budget or period of performance.
Parties might agree that a contract needs to be amended to reflect these changes, and many amendments come in the form of new paragraphs that replace specific sections in the original contract. This ensures that the updated terms and conditions are legally recognized and agreed upon by all involved parties.
What is the difference between a Contract Amendment and Contract Modification?
A contract amendment is a formal agreement that changes an existing, fully signed contract by adding, deleting, or altering terms. It is a specific type of contract modification used to address changes in circumstances, such as budget or performance period adjustments. The primary difference lies in the formality and timing of the change.
A contract amendment is a formal agreement to modify an existing, fully signed contract.
It involves additions, deletions, or other changes to the original contract, often to address changes in circumstances after the initial agreement.
Many amendments come in the form of new paragraphs replacing specific sections, ensuring updated terms are legally recognized.
A contract modification is a broader term encompassing any change to a contract, while an amendment is a specific, formal type of modification.
What are examples of a Contract Amendment?
Extending a 12-month real estate lease to 18 months, directly revising the original contract's core provision.
Modifying a software license agreement's pricing structure by increasing the subscription fee or changing payment frequency, requiring an update to the original agreement's provisions.
Adjusting a construction contract's project completion deadline due to unforeseen delays, thereby modifying an originally agreed-upon aspect of the contract.
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