When it comes to making changes to a buyer`s agreement, businesses often use a standard form known as an addendum.
An addendum is a document that is attached to the original contract and outlines any changes made to the initial terms of the agreement. This form is typically used when both parties agree to modify the original agreement, but do not want to create an entirely new document.
There are several reasons why a buyer`s agreement may need to be modified. For example, the parties may wish to extend the contract period, change the delivery date, or alter the payment terms. In these cases, an addendum is a convenient and efficient way to make the necessary changes without having to start from scratch.
To create an addendum, the parties should first review the original agreement to identify the terms that need to be revised. The addendum should include a brief description of the changes being made, as well as the date on which the modifications will take effect.
Once the addendum has been drafted, it should be reviewed by both parties to ensure that it accurately reflects their intentions. If there are any disagreements or concerns, these should be addressed before the addendum is signed.
It is important to note that an addendum must be signed by both parties in order to be legally binding. Once executed, the addendum becomes a part of the original contract and should be kept on file with all other relevant documents.
In conclusion, an addendum is the name of the form used to make changes to a buyer`s agreement. It is a simple and effective way to modify the terms of a contract without having to create a new document. By using an addendum, businesses can ensure that their agreements remain up-to-date and reflect the latest changes in their relationships with their customers.