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A supplement agreement is an amendment to an existing contract. It is often used as a way to add on more work or more time to complete work to the original contract and between the same parties.
A supplementary agreement is an addendum added to an original agreement that provides additional terms or clarification for terms of the original agreement. This ensures that contract terms can be added to or changed without requiring an additional contract to be drawn up.
Like an addendum, a contract amendment is also an addition to a contract or agreement. An amendment, however, is generally not used to add terms and conditions, but rather to change existing terms and conditions.
In real estate, you never know what's going to happen during a transaction and the most well-written contract may need to be changed or modified. Even the Constitution has amendments! So, remember that when you add to the contract, use the addendum. When you're removing from or changing the contract, use the amendment.
How to create a contract amendment Pinpoint what you want to change or add. Look at your contract and write down the parts you need to change. ... Date and title the new amendment. Next, add the current date and the title and date of the original agreement to the document. ... Draft and describe the changes. ... Finalize the changes.
The key difference between a supplemental agreement and a contract amendment is that the first is a separate document that modifies the contract's terms. The original contract remains intact. A contract amendment, on the other hand, involves changing or updating certain parts of the main contract.