This form provides boilerplate contract clauses that establish procedures for amending or modifying the contract agreement and that supply provisions for the allowance and effectiveness of waivers under the terms of the contract agreement. Several different language options representing various amendment procedures are included to suit individual needs and circumstances.
Georgia Negotiating and Drafting Modification, Amendment and Waiver Provisions
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FAQ
In contract law, 'waiver' is used to denote the granting of a concession by one party not insisting on the other party's precise performance of its obligations under the contract. It is also where one party gives up its rights to take action or enforce its rights under a contract.
Key Takeaways. An amendment is a change or addition to the terms of a contract or document. An amendment is often an addition or correction that leaves the original document substantially intact. Other times an amendment can strike the original text entirely and substitute it with new language.
An amendment and waivers clause may be formulated in a number of ways. One common formulation states that (i) the agreement may not be amended except in a writing signed by the parties, and (ii) no provision of the agreement may be waived except in a writing signed by the waiving party.
A contract amendment is a change, correction, clarification, or deletion to an agreement you have already signed. An amendment leaves your original agreement substantially intact.
The amendment and modification clause states that the agreement can be amended or modified only by a writing signed by the party to be charged or by all parties.