A contract addendum definition is an attachment to the initial contract, spelling out any modifications or changes.3 min read 1. Differences Between an Addendum and an Amendment
A contract addendum definition is an attachment to the initial contract, spelling out any modifications or changes. Within the scope of the construction industry, an addendum may contain supplemental information, such as drawings or diagrams, which further identify the specifics of the job for which the contract exists. Regardless of the industry, it is customary that the addendum, just as with the original contract, obtain the signatures of all relevant parties for it be effectual. Differences Between an Addendum and an AmendmentDespite their similarities and the terms often being used interchangeably, there are a few key differences between an addendum and an amendment.
In Real EstateOne often sees contract addendums in the world of real estate. Reasons why a contract addendum may be used include:
Addendums are frequently used in construction contracts, as they allow for changes to the initial contract without having to completely rewrite the document. For example, a contractor may add an addendum to a contract, upon breaking ground on a new development site, only to find that the ground is quite wet. This may require additional work to be done by the contractor to ensure that the foundation can be properly laid, so an addendum is added to the contract. When creating an addendum to your contract, there are a number of things you will want to keep in mind, to ensure that it is enforceable, down the road.
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Construction Addendum Fixed Price Contract for a Home under Construction on Builder’s Lot done and any changes to the contract price (each, a “Change Order”).","With respect to matters not specifically related to the Premises or its development, this Construction Addendum shall be governed by the laws of the state where the Premises is located.","The Preliminary Statement set forth at the beginning of this Construction Addendum is hereby incorporated herein by reference and is deemed to constitute an integral part of this instrument.","Landlord desires to construct or have constructed certain improvements on the Premises and is entering into this Construction Addendum with Tenant for the purpose of setting forth the terms and conditions under which Tenant shall serve as developer in connection with the Project (as that term is defined hereinbelow).","Landlord and Tenant have caused this Construction Addendum to be executed and sealed as of the date first above written.","All such replacement property shall be deemed to be incorporated immediately into and to constitute an integral portion of the Collateral and, as such, shall be subject to the terms of the Construction Addendum, the Borrower Documents, or the Guarantor Documents, as applicable.","This Construction Addendum and the Lease Agreement of which this Construction Addendum is a part constitute the entire agreement of Landlord and Tenant with respect to the development of the Premises, and supersedes any prior or contemporaneous agreement with respect thereto.","The funds to be advanced by Landlord pursuant to this Construction Addendum shall at no time in the aggregate exceed $________________ (the "Funding Limitation"), minus the purchase price Landlord paid at closing for the acquisition of the Premises, including Landlord's acquisition costs and closing costs.","Capitalized terms used in the Lease Agreement shall have the same meaning in this Construction Addendum unless otherwise defined."],"id":"construction-addendum","title":"Construction Addendum"},"groups":[{"snippet":"means the Construction Addendum to this Agreement attached as Exhibit H.","size":2,"snippetLinks":[{"key":"the-construction","type":"clause","offset":[6,22]},{"key":"to-this-agreement","type":"clause","offset":[32,49]},{"key":"attached","type":"clause","offset":[50,58]},{"key":"exhibit","type":"clause","offset":[62,69]}],"samples":[{"uri":"https://www.westlafayette.in.gov/egov/documents/1275682474_179382.pdf","label":"Purchase and Loan Agreement","score":21},{"uri":"https://www.westlafayette.in.gov/egov/documents/1275401212_1495.pdf","label":"Purchase and Loan Agreement","score":21},{"uri":"https://www.westlafayette.in.gov/egov/docs/1275401212_1495.pdf","label":"Purchase and Loan Agreement","score":21}],"hash":"9d7f07e0b899a45f24f49a4e64f7a479","id":1},{"snippet":"means that certain addendum to this Agreement, executed by the Authority and the Developer, establishing the procedures to be followed by the Authority and the Developer during the Construction Documents Phase and the Construction Phase, such addendum to be executed and delivered prior to the Pre-Development Phase Outside Date.","size":1,"snippetLinks":[{"key":"that-certain","type":"definition","offset":[6,18]},{"key":"to-this-agreement","type":"clause","offset":[28,45]},{"key":"the-developer","type":"clause","offset":[77,90]},{"key":"establishing","type":"definition","offset":[92,104]},{"key":"procedures-to-be-followed","type":"clause","offset":[109,134]},{"key":"construction-documents-phase","type":"clause","offset":[181,209]},{"key":"construction-phase","type":"clause","offset":[218,236]},{"key":"executed-and-delivered","type":"clause","offset":[258,280]},{"key":"the-pre","type":"clause","offset":[290,297]},{"key":"development-phase","type":"clause","offset":[298,315]},{"key":"outside-date","type":"clause","offset":[316,328]}],"samples":[{"uri":"https://www.vbgov.com/news/Lists/News%20Releases/Attachments/4538/10-22-19%20-%20Dome%20Site%20Development%20Agreement%20-%20FINAL.pdf","label":"Site Development Agreement","score":21}],"hash":"90b58e2d6f25262279e872a6f86895db","id":2},{"snippet":"The Construction Addendum attached hereto as EXHIBIT E.","size":1,"snippetLinks":[{"key":"the-construction","type":"clause","offset":[0,16]},{"key":"attached-hereto-as-exhibit","type":"definition","offset":[26,52]}],"samples":[{"uri":"/contracts/dAr8DfppXIV#construction-addendum","label":"Industrial Lease (Thorne Healthtech, Inc.)","score":19}],"hash":"7c4b3e2986ae8b7f463a9696e7aa6d24","id":3}],"nextCurs":""}} id=pagination-first-page> |