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What is the purpose of an addendum?

A lease amendment is a document that allows landlords and tenants to make changes or additions to an existing lease agreement without the need to create an entirely new contract. It is a flexible tool that ensures both parties are on the same page when adjustments are required during the lease term.

What is the reason for addendum?

The function of an addendum is to modify, clarify, or nullify a portion of the original document, which could be as simple as extending the dates for which the contract is valid or as complex as redefining the payment schedules and deliverables.

What does addendum mean on a lease?

Lease addendums are used to provide additional information that the original lease does not cover. In other words, a lease addendum allows you to add an additional document to or adjust the terms of your existing rental agreement.

Are addendums legally binding?

Heres the thing about addendums: theyre legally binding. Once everyone signs on the dotted line (or uses an electronic signature), that addendum becomes part of the original contract. Thats why its super important to make sure your addendum is crystal clear.

What is the role of an addendum?

The purpose of an addendum is to modify, clarify, or introduce new terms and conditions to the original document. Think of an addendum as a way to amend or update a contract without having to rewrite it from scratch.