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Addendums can be drafted by any party, though all legally responsible signing parties need to review and approve it before it can be enforced. Amendments, on the other hand, can only be made by those who created and signed the initial contract or their legal representatives.
The Audit Matrix is designed to provide auditors with a clearer understanding of the systems expected of heavy vehicle operators to meet each of the Standards in the Maintenance Management module. It outlines the scope of each criterion in the Standards and explains the intent behind each.
On the other hand, amendments are changes made to the existing terms of a contract. Unlike supplementary agreements, which add new information, amendments modify or replace existing terms in the original agreement. Parties use it to make alterations to the contract that impact its core provisions.
Like an addendum, a contract amendment is also an addition to a contract or agreement. An amendment, however, is generally not used to add terms and conditions, but rather to change existing terms and conditions. It comes from the Latin word emendare which means to correct, free from fault.
Key takeaways: A contract amendment is a formal alteration or modification made to an already signed contract. A contract addendum is an additional document that is attached to the original contract. The decision to use an addendum or an amendment depends on the nature of the changes being made.
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