A Contract Amendment is a formal document used to modify or alter the terms and conditions of an existing contract. It is essentially a supplementary agreement that is made after the original contract has been executed. Contract amendments are utilized when there is a need to change certain provisions of the contract due to various reasons such as changes in circumstances, new requirements, or unforeseen events.
Contract amendments provide a flexible mechanism for parties to adjust their contractual obligations as needed, without having to create an entirely new contract. They help ensure that contracts remain relevant and reflective of the parties’ intentions, even in the face of changing circumstances. Proper documentation and execution of contract amendments are essential to maintaining clarity, transparency, and legal integrity in business transactions.
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