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CONTRACT ADDENDUM
THIS CONTRACT ADDENDUM dated this ________ day of ________________, ________
BETWEEN:
_________________________
OF THE FIRST PART
- AND-
OF THE SECOND PART
IN CONSIDERATION OF the Parties agreeing to amend their obligations in the existing Contract, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree to keep, perform, and fulfill the promises, conditions and agreements below:
IN WITNESS WHEREOF the Parties have duly affixed their signatures under hand and seal on this ________ day of ________________, ________.
_______________________________WITNESS: ______________________
_____________________________________________________(Party)
A Contract Addendum is also known as a/an:
A Contact Addendum is a document used to make one or more changes to an existing contract or agreement without invalidating it. A Contract Addendum is added as a separate document to the original contract or agreement.
A Contract Addendum should be used when you need to make minor changes to a contract or agreement. Generally, this is when a term or condition of the contract is not working out as planned and needs to be adjusted, such as a simple date change or if you need to add or remove a clause.
You may wish to use a Contract Addendum if:
For major changes that impact the overall structure and point of the contract, you may need to create a new document altogether. For example, if the main terms of the contract are changing, like if you are moving to a new suite in the same rental property. Rather than go through all the potential amendments to the existing contact (address change, security deposit amount change, etc.) then it may be easier to create a new contract.
A Contract Addendum should contain the following information:
A description of the purpose of the original contract should also be included in the Contract Addendum, including the date that the contract was signed.
A Contract Addendum is adding certain terms and conditions to an existing contact without voiding the entire contract. Waiving a breach of contract or consenting to a minor change can occur during a contract without requiring an addendum. In the context of legal contracts, a consent or waiver is the voluntary agreement to continue with the contract even though a minor term was not upheld.
In general, an addendum modifies a contract, whereas a waiver excuses nonperformance of part of a contract.
It is also possible that one party may consent to a breach of terms depending on the situation. As an example, if a performer is supposed to be on stage at a venue at a certain time, but is running late, the venue may consent to allowing the performer to go on stage at a later time on the same evening.
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