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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.

In simple terms, a Change-of-Name Agreement is needed to recognize when a contractor has a legal change of their business name. A Novation Agreement applies in a number of situations (e.g. contractor sells all or a part of the company and the contract is still ongoing).

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.

The best course of action is to correct the wrong name immediately while signing the contract. The best way to make a correction is to strike a line through the wrong name, write the correct name, and initial or sign the change. Ideally, both parties will initial or sign the correction.