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There are several ways to amend a contract: You can use a contract amendment letter to list the changes to the original document and have both parties sign. You can create a contract amendment created from a template or from a legal services provider.
It is not illegal to alter a contract once it has been signed. However, it must be materially changed, meaning that if an important part of the contract is altered by the change, it must be made by mutual consent of both parties.
This is called a post-signature amendment and requires a written agreement between the two parties. In order to alter the original agreement, you will have to sign a new contract that defines the necessary changes. This second contract remains valid for as much time as the initial document.
A contract amendment allows the parties to make a mutually agreed-upon change to an existing contract. An amendment can add to an existing contract, delete from it, or change parts of it. The original contract remains in place, only with some terms altered by way of the amendment.
Most contracts can be either written or oral and still be legally enforceable. However, some agreements must be in writing to constitute a binding agreement. Oral contracts are difficult to enforce.