It's common for contracts and agreements to require changes sooner or later. There are numerous reasons you may need to change a business agreement, and if you had to draft a new contract every time, it would be a tremendous waste of time.
Instead, you can change only the parts of the contract or agreement that are no longer valid with an Agreement Amendment. The amendment doesn't nullify the entire agreement, eliminating the need to create a new one, convene all the parties for signatures, and potentially notarize the signatures if necessary.
What Is an Agreement Amendment?
An Agreement Amendment is a legally-binding document allowing the parties of an existing contract to change the contract's terms without drafting an entirely new document. A single agreement amendment can make several changes to a current agreement, as long as the deal isn't substantively changed to the degree that it fails to reflect its original purpose.
If you want to make substantive changes to the original document's structure, it's best not to rely on an Agreement Amendment. As a general rule, Agreement Amendments shouldn't be used to make changes to the main terms or the parties involved in the existing agreement. Moreover, it's possible to make more than one amendment to a single agreement, but it makes it easier to misinterpret the original document and the subsequent amendments.
Other Names for Agreement Amendment
Depending on your state, an Agreement Amendment may also be known as:
- Contract Amendment
- Contract Addendum
- Amending Agreement
- Addendum
Who Needs an Agreement Amendment
Any party of an agreement who needs to change the contract's original terms will need to use an Agreement Amendment to do so without nullifying the existing agreement. Typically, this encompasses minor changes that aren't working out for either party or need to be changed for practical reasons.
Some examples may include:
- Changes made to a job description, such as working hours or wages
- Changes to the deadline of a project established in a contract
- Minor changes to a rental agreement due to either the tenant or the landlord being unable to honor the original terms
Why Use 360 Legal Forms for Your Agreement Amendment
Customized for you, by you
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Agreement Amendment.
Specific to Your Jurisdiction
Laws vary by location. Each document on 360 Legal Forms is customized for your state.
Fast and easy
All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.
How to Create an Agreement Amendment with 360 Legal Forms
With our proprietary form generator, all you need to do is fill in the requested information to create an Agreement Amendment to address the exact changes you need in your agreement. If the Agreement Amendment isn't composed correctly, it may not be sufficient to change the existing contract suitably.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
What Information Will I Need to Create My Agreement Amendment
To create your document, please provide:
- Governing Law: The state's law applying to the Agreement Amendment in case of any disputes.
- Effective Date: The date when the Agreement Amendment goes into effect and the effective date of the existing agreement.
- The Parties in The Original Agreement: The full name and address of each party to the original agreement.
- Changes to The Original Agreement: A section detailing the changes to the existing contract. This section should be as detailed and specific as possible and include ONLY the changes with no extraneous comments.
- Original Agreement: A description of the purpose of the original agreement.
Agreement Extension Form Terms
- Governing Law: The state's law applying to the Agreement Amendment in case of any disputes.
- Counterparts Clause: A section of an agreement allowing each party to sign identical copies of the documents rather than all signatures appearing on the same copy.
- Arbitration: A contract clause setting up provisions for independent arbitrators to settle disputes to the Agreement Amendment's terms.
- Consideration: Something of value given in exchange for the terms of the agreement. An Agreement Amendment doesn't require a consideration but may include it.
Agreement Amendment Signing Requirements
To be legally enforceable, all the parties of the original agreement need to sign the Agreement Amendment. If notarized or witnessed, it should also carry the signatures of the notary or witnesses.
Although it's unnecessary to notarize the signatures on an Amendment Extension, it's good to do so, especially if the existing agreement is also notarized. Any legal formalities in the original contract should also be reflected in the Agreement Amendment.
What to Do with Your Agreement Amendment
Once the Agreement Amendment is signed and dated, distribute copies to each of the existing agreement parties. Each party should keep an executed copy for their records. It's a good idea to attach your copy of the Agreement Amendment to the existing agreement.
An Agreement Amendment does not need to be filed with any local or state records office since it is a private contract.
