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Modification

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