A countless number of contracts are constantly signed in Florida, one of the most prolific destinations for business in the world.
Additionally, the vast array of business found throughout the state contributes to the large variety of legal agreements that must be drafted with unique terms and specific provisions.
In some cases, businesses may need to modify a contract that is already in existence.
In this article, you will discover how to modify an existing business contract in Florida.
Understanding the Basics
Although verbally modifying a contract is never recommended, an existing contract can be modified both verbally and in writing by the parties involved in a legal agreement.
There are a few steps involved in modifying an existing contract:
- Discussing the necessary changes.
- Amending or adding new terms to the existing contract in writing.
- Abiding by the modified terms and provisions.
Because modifications are enforceable by law, failure to abide by the new clauses can provide the other party with a breach of contract claim. However, proving contract modifications can be complex.
Unfortunately, contract modifications often involve expensive costs and unpleasant disputes. As a result, it is important that you seek guidance from an expert business attorney in Florida despite the company’s size or business structure.
Legal Implications
Even though many cases can be easily solved, some contract modifications are not seamless or agreeable. Some cases involve unplanned situations that require immediate and solid responses from businesses.
In other words, it is important that you hire an experienced and knowledgeable expert business attorney that will provide you with a reliable path in assessing and understanding the legal implications of contract modifications.
The Difference Between a Contract Amendment and a Contract Addendum
To modify an existing business contract seamlessly, a new set of provisions can be inserted via a contractual amendment or a contract addendum.
Even though these legal tools can be utilized in similar ways, their functions differ.
Essentially, when a contractual amendment is signed by both parties, the legal terms of the agreement can be altered entirely or in part. When signing a contract addendum, however, only additional terms can be inserted while the rest of the contract remains untouched.
Are Contract Amendments the Best Option?
In accordance with contract law, a legal amendment allows for an existing contract to be amended in several ways:
- Adding to it
- Deleting from it
- Changing parts of it
As a result, terms can be amended as required by unforeseen events or situations while the contract remains in place. During the process of negotiation, however, changing terms is not considered an amendment since there is no existing contract in place yet.
Do You Need to Modify an Existing Business Contract? – We Can Help You
If you are interested in modifying an existing business contract, you need the guidance and assistance of qualified and experienced business attorneys.
At Jurado & Associates, P.A., we have the knowledge and expertise to help you make the best decisions for your business. Contact us today by phone at (305) 921-0976, by email at [email protected], or by WhatsApp at +1 (305) 921-0976.
