What Is a Modification Agreement?
A modification agreement is a very general term that describes an agreement to change a prior or existing agreement or contract.
Other People Are Reading
-
Generally
-
A modification agreement can be used for any type of contract. There is no specific subject matter for a modification agreement.
Time Frame
-
A modification agreement is any agreement that you make after entering into an original contract or agreement.
-
Requirements
-
Most contracts require that modifications be in writing and signed by the contracting parties, or they are unenforceable. In this case, you would need a written agreement to modify the earlier agreement.
Example
-
You and Buyer enter into a contract where you agree to sell your house to the Buyer. Three weeks later, you and the Buyer decide that you will include a free television with the house so you and the Buyer sign a modification agreement that amends the purchase contract to show the inclusion of the television.
Warning
-
Even though most contracts require modifications to be in writing, some states allow verbal modifications even though the original contract says a writing is required. Be careful what you agree to in words and in writing.
-
