modificación del contrato
Definition
A contract modification is when two or more parties who already have a signed agreement mutually agree to change one or more terms of that original contract. Both sides must agree to the change, and it is always best to put the new terms in writing so there is no confusion later about what was agreed.
Example
You signed a contract with a supplier for 500 units per month, but your business slows down and you both agree to reduce it to 300 units instead, so you write up and sign a modification reflecting that new amount.
Watch Out
A verbal agreement to change a contract can be very hard to enforce, so always get any modification signed in writing by all parties involved.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.