The parties have two options to make changes before the execution. First, if a party wishes to make minor changes to a contract shortly before signing, the party can write the changes by hand and sign its initials next to each change. The party making the changes must notify the other party and ensure that the counterparty indicates initials in addition to the handwritten changes. Instead of using the method described above to amend the contract, it is preferable for the parties to make a coherent document reflecting the changes made. This document should, of course, be “change” and be perfectly clear about the treaty it has amended. The process of creating an amendment is similar to that of the definition of the original agreement, since the parties must agree on the changes to be made, in particular on the language used to clarify these amendments. For all kinds of changes, add that only the referenced sections will be replaced and that the rest of the original contract will remain as it was. For example, the editorial party may write: “All other conditions that have not been changed by this amendment or by previous amendments will remain fully in force.” Make sure all parties sign and date the change. Parties may use witnesses or, if necessary, authenticate the amendment in a notarial manner. Provide copies to all parties as soon as they are signed. If the contract changes are extensive, it may be easier and may be necessary for lawyers to completely rewrite the contract to replace the older version. If there is a discrepancy between “Annex C” and the original agreement of May 7, 2020, priority is given to the schedule C conditions.
If a party wishes to make major changes, it must first negotiate the changes and language with its opponent. Once the parties agree to changes, the party requesting the changes may require the author of the document to modify the previous version so that it can tell the agreed changes. All parties should check the document one last time before it is executed to ensure that the changes are correct and that all previously agreed languages of the previous version are intact. Microsoft Word`s “Compare Documents” is a useful tool that allows users to compare two versions by displaying changes made to the original document. Kira System`s powerful contract analysis tools also make it easy to compare contracts. If the terms of an endorsement could conflict with the terms of the original agreement, the parties should also create an amendment on priority that will determine the priority conditions. For example, the author of the amendment should title and date this document, preferably using the current date, the title of the original agreement and the date of the original agreement (z.B. “June 11, 2020 Amendment to the Master Services Agreement, dated May 7, 2020”).
List the names and roles of the party. Then indicate the clauses or clauses to be amended by referring to the paragraph, section or subsection. For example, “this amendment amends Section III, Sub-Part B, Paragraph i, Paragraph c) of the original agreement of May 7, 2020.” Finally, the author of the amendment can describe what is added or deleted from the original agreement. For example, if a party wants to replace a sentence in the original contract, the party may write: although other changes have already been implemented, if an additional change is required, … please, to be clear, … Consider rephrasing the entire treaty to update the treaty with respect to all amendments. Just as man is constantly confronted with changes, including contractual agreements. If the consequences of the relevant changes are not identified, this may lead to confusion, misunderstanding or loss of value in the future.