If you ever have to change the terms of an existing agreement, assuming all parties involved agree to the proposed changes, you do not have to draft a new deal but rather amend the current contract with a Contract Amendment.
You can use an amendment to change parts of an existing contract or add new terms to it.
If you have to change the terms of an agreement in any way, rather than negotiating a new contract, you can add a Contract Amendment to the original agreement. The deal is a legally binding contract, and so are any formal amendments added to it.
Although you can add any number of amendments, it is best to keep them to a reasonable minimum. If people have to hack up an agreement with dozens of modifications completely, it might be easier to work out a new deal, which would automatically replace the old contract.
Depending on your state, a Contract Amendment may also be known as:
People and businesses that have agreed to change an existing formal agreement can do so with a Contract Amendment. Generally speaking, a Contract Amendment is not used to make significant changes to existing terms, though it is more acceptable to add new terms. Technically, the parties can amend anything from the listed price to the deadline of an existing agreement.
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Print out a copy of the Contract Amendment and go through it carefully. To make it official, all parties must sign the contract. It doesn't have to be notarized unless you wish to make it harder to challenge the signatures.
Give a signed copy of the Contract Amendment to each of the parties involved. Both parties should ideally file the Contract Amendment (and any future amendments) with the original agreement.
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