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Things you need to know about Addendum to Contract.
1. What is an Addendum to Contract?
An Addendum to Contract amends the terms of an existing contract by changing, deleting or inserting new section in the contract. An Addendum is an easy and efficient way of amending an existing contract. Instead of having the parties re-execute the contract and start from scratch whenever there’s a modification of their agreement, the parties can simply execute an Addendum to incorporate the modification into their existing contract.
2. When do you need an Addendum to Contract?
You need an Addendum to Contract if the parties have agreed to modify the terms of an existing agreement. The Addendum will update the existing contract by putting into writing the modification thereto and having it reflect the terms of the new agreement.
3. What information do you need to create an Addendum to Contract?
To create your Addendum you’ll need the following minimum information:
The type of both parties (i.e. individual or business) as well as their name and details (i.e. nationality and address)
The details of the existing contract subject of the addendum (i.e. name and date of execution)
The section to be amended, modified or inserted into the existing contract
4. How much is the document?
The document costs PhP 400 for a one-time purchase.
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