For business owners and individuals alike, contracts are often considered rigid, consequence-imposing agreements that require stringent compliance. Though this outlook is not necessarily wrong, it lacks the nuance that comes with contract law. For example, if you need to extend a contract before it reaches its completion date, you may wonder whether it’s legal for you to modify a contract after signing it.
The answer is yes, but there are some rules you’ll need to adhere to first. The main one is that all parties must first agree to the contract modification.
Why Modify a Contract?
There are many reasons why you may consider modifying a contract. Reasons outlined by Lawyer.com include:
- To extend the contract
- To shorten the contract
- To change the number of items that fall under the scope of the contract
- To add additional scope to the contract
- To change the payment terms of the contract
The Do’s and Don’ts of Contract Modification
Changing a contract after signing it can be very useful, but there are a few steps you’ll need to follow (and other steps you’ll want to avoid) to ensure your contract is legally binding, such as:
- Do prepare a list of all changes that you feel are necessary and appropriate while trying to predict how these modifications may affect both parties in the contract.
- Don’t use strike throughs and insertions. This is acceptable for shorter contracts with a minor changes; however, you should avoid this with more complex contracts.
- Do make a note of the day, time, and location when you choose to make modifications to the contract.
- Don’t forget to have both parties sign and initial all changes made.
- Do talk to a knowledgeable contract attorney if you have any further questions or require assistance.
Contract Law at KTF Law Firm
The process of legally changing a contract can be both confusing and frustrating at times. Remember, if the contract is signed, all parties must agree with any contract modifications. If you’re in need of assistance with contract modification, our knowledgeable contract attorneys at KTF Law Firm can provide you with legal support and expertise you need. We also provide extensive contract drafting services! Contact us today for a consultation.