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A contract addendum is an additional document that is attached to the original contract. It is used to include supplementary information, such as additional terms, conditions or provisions. Unlike an amendment, a contract addendum does not modify the existing terms of the contract, but rather it expands upon them.
What is a purchase agreement addendum?
How to create an effective Amendment to Purchase Agreement Step 1: Identify the Parts of the Original Agreement That Need Changes. Step 2: Consult with the Other Party and Draft a List of Changes. Step 3: Begin Drafting the Amendment Document. Step 4: Double-Check Clarity and Accuracy. Step 5: Sign the Amendment.
What is an addendum to an agreement?
Changes in Sales Price and Terms The seller and home buyer might negotiate a new sale price or financing terms. The addendum is signed to reflect the new agreed terms, instead of rewriting the contract.
Is an addendum the same as a purchase agreement?
A real estate addendum modifies an original lease or purchase agreement. Items in the addendum could reflect a change in the agreed-upon price, what is included in the transfer of property, what improvements must be made before the home is paid for, or any other agreed-upon requests or responsibilities.
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Aug 1, 2022 This Addendum is added to the Purchase Order, Contract/Agreement because the purchase may be funded in whole or in part with federal grant funds
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