Modification
Modification: An agreed change to the terms of a contract, allowing adjustments to scope, requirements, or conditions to ensure the contract remains relevant and enforceable.
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Definition
An agreed change to the terms of a contract.
Purpose
Modifications allow parties to adjust the terms of a contract to accommodate changes in scope, requirements, or conditions. They ensure that the contract remains relevant and enforceable, reflecting any new agreements or understandings between the parties.
Examples of Use
- Construction projects: Changing the scope of work, timeline, or budget based on unforeseen circumstances or client requests.
- Service agreements: Adjusting the terms of a maintenance contract to include additional services.
- Sales contracts: Modifying the delivery schedule or payment terms based on mutual agreement.
Related Terms
- Amendment: A formal change or addition proposed or made to a document or agreement.
- Addendum: An additional document added to the original contract, detailing changes or additions.
- Variation: A change or deviation from the original scope or terms of a contract.
Notes
- Modifications must be agreed upon by all parties involved and documented in writing to be legally binding.
- They can address various aspects of a contract, including scope, price, deadlines, and terms of delivery or performance.
- Properly managing and documenting modifications helps prevent disputes and ensures all parties are aware of and agree to the changes.
Related Terms
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