When it comes to making changes to a contract, the addition of an addendum is a necessary step. An addendum is a legal document that supplements or amends an existing contract. It is crucial to draft an addendum in a way that is clear and concise to avoid any confusion.
To help you create an addendum to a contract, here is a template that you can follow:
ADDENDUM TO CONTRACT AGREEMENT
This Addendum is made and entered into between [Insert Name of Party A] and [Insert Name of Party B], collectively referred to as the “Parties,” on [Insert Date when Addendum is executed].
WHEREAS, the parties entered into a contract agreement on [Insert Date Contract was executed] (the “Contract”); and
WHEREAS, the Parties wish to modify the Contract as set forth below.
NOW THEREFORE, the Parties agree as follows:
1. [Insert the Specific Changes to the Contract]
2. All other terms and conditions of the Contract shall remain in full force and effect.
3. This Addendum shall be incorporated into and become a part of the Contract.
IN WITNESS WHEREOF, the parties have executed this Addendum as of the date first above written.[Insert Name of Party A] [Insert Name of Party B]
Tips for Drafting an Addendum:
1. Specify the Parties involved in the Contract and Addendum.
2. Clearly state the purpose and intent of the Addendum.
3. Mention the date when the Addendum is executed.
4. Be specific about the changes you are making to the original contract.
5. Clearly indicate that the Addendum will be a part of the Contract.
6. Get the signatures of both the Parties.
It is essential to follow the template and guidelines mentioned above to make a valid and legally binding addendum. When drafting an addendum, it is vital to seek legal advice and ensure that the changes made are consistent with the original contract. By doing so, you can avoid any unnecessary delays or disputes that may arise in the future.