What is the purpose of an amendment in a contract?

The purpose of an amendment in a contract is to make a change to the existing contract. Amendments are used to update, clarify, or modify the terms of a contract without creating a completely new agreement. They serve to adjust specific provisions while maintaining the integrity of the original document, allowing all parties to continue to operate under the revised terms.

For instance, if the parties involved decide to change a deadline or modify payment terms, they would execute an amendment rather than rewrite the entire contract. This process ensures that all modifications are documented and agreed upon, providing legal clarity and continuity in the contractual relationship.