modification
Definition
A modification is an official change to an existing contract that both parties agree to and that alters one or more of the original terms. Think of it as an update to a deal you already made, where everyone involved signs off on the new version.
Example
You hired a contractor to renovate your shop for $10,000, but midway through you decided to add new flooring, so you both signed a modification raising the price to $13,000 and extending the deadline by two weeks.
Watch Out
Always get modifications in writing and signed by everyone involved, because a verbal agreement to change a contract can be nearly impossible to enforce if a dispute arises later.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.