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Addendums are attachments to original contracts that alter the original terms and conditions of the contract. Addendums can be used to alter standard contracts, make adjustments if situations have changed since the original contract was signed, or if the original signers come to a different arrangement.
Why is an addendum required?
Addendums are typically used when parties wish to incorporate new details without disrupting the core elements of the original agreement.
What is an example of an addendum?
How to Write an Addendum Identify the Original Contract. At the top of the addendum, reference the original contract by its date, title, and parties involved. State the Purpose of the Addendum. Begin by outlining the reason for the addendum. List the Modifications. Include an Affirmation Clause. Have All Parties Sign.
Does a seller have to agree to an addendum?
1. : a thing added : addition. 2. : a supplement to a book. often used in plural but singular in construction.
What is an addendum agreement?
What is an addendum? A contract addendum is a post-contract attachment that modifies, alters, or changes some of the terms of a previously established contract. Typically, this adds something new to a preexisting document. Once all parties in a contract agree to an addendum, it becomes a part of the new contract.
what is a addendum
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Instead of scratching out and handwriting over certain parts of the contract, addendums are drafted and signed to prove both buyer and seller agree. This includes: Modifying the purchase price, closing date, and financing terms.
what is addendum
addendum | Wex | US Law | LII / Legal Information Institute
An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document.
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