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What is an addendum in finance?

For example, This Addendum amends the Agreement dated [DATE] between [PARTY 1 NAME] and [PARTY 2 NAME]. Clear and specific language outlining the changes, clarifications, or additions being made. This should leave no ambiguity regarding how the original contract is being modified.

What is the purpose of an addendum?

A financing addendum gives the buyer a specified amount of time to obtain financing to purchase the new home. If the buyer cannot secure financing, the addendum allows the termination of the contract or a time extension to explore other mortgage options.

What is an example of an addendum?

This addendum (Addendum) supplements any agreement in place between the Customer and IFX governing the use of the Services (together the Agreement).

What is a financial addendum?

1. : a thing added : addition. 2. : a supplement to a book. often used in plural but singular in construction.

What is a financing addendum?

An addendum is an attachment to a contract that modifies the terms and conditions of the original contract. Addendums are used to efficiently update the terms or conditions of many types of contracts.