An Addendum To Purchase Contract is utilized when parties need to modify terms of an existing purchase agreement without creating an entirely new contract. Common in Singapore's commercial landscape, it's particularly useful for adjusting prices, specifications, delivery terms, or other contractual obligations. The document must comply with Singapore's Contract Act and maintains legal continuity with the original agreement. It's essential for businesses requiring flexibility in their purchase arrangements while maintaining legal certainty.
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Key Requirements PROMPT example:
Addendum To Purchase Contract
"I need an Addendum To Purchase Contract to modify the delivery schedule and increase the purchase price by 15% for our software licensing agreement with TechCorp, which needs to take effect from March 1, 2025."
1. Identification of Original Agreement: References the original purchase contract being modified, including date and parties
2. Parties: Identifies all parties to the original agreement and addendum with their full legal names and addresses
3. Background: Explains the context and reason for the addendum, referencing the original agreement
4. Modifications: Details the specific changes to the original agreement, clearly stating what is being added, removed, or modified
5. Confirmation of Other Terms: Confirms all other original terms remain in effect and unchanged
6. Execution: Signature block and execution details for all parties
1. Definitions: New terms requiring definition, only included when introducing new terminology
2. Consideration: Details of any new payment or value exchange, included when modification involves financial changes
3. Effective Date: Specific date when changes take effect, included when implementation date differs from signing date
1. Modified Price Schedule: Updated pricing details if prices are being modified in the addendum
2. Revised Specifications: Updated product or service specifications if being modified
3. Timeline Amendments: Modified delivery or performance schedules if timing is being changed
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