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addendum |
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Addendum A document used to amend or make further specifications to a contract. For example, an addendum may change a payment schedule or, if the contract itself did not do so, specify the amount of the payments. Lawyers often have standardized addendum forms in case parties to a contract wish to make changes. addendum Something added as an attachment to a form contract, before contract execution; generally used to cover the particular circumstances of that transaction. Real estate contracts may have addenda (plural of addendum) to cover requirements relative to financing contingencies, property inspections, disclosure of the possible presence of lead-based paint in structures built before 1978, and other variables. Especially for properties with lengthy legal descriptions, an addendum will generally be used for the legal description of the property, rather than squeezing it into the small space available on the form. Contrast with amendment, which is an attachment added after contract execution in order to modify or expand upon the original contract. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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