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An amendment agreement is a document between parties to an original contract, who want to change or revise some terms of an agreement. The amendment agreement can be used to amend any kind of contract such as Supply Contract, Loan Agreement, Services Agreement, Residential Lease or Commercial Lease etc.
After execution of an agreement, over a period of time, parties to a contract may reach some revised understandings and instead of entering into a fresh agreement, they may only need to revise the original agreement. If the changes are substantial, and it would make it too complicated to read the two agreements together, it may be better to enter into a fresh agreement. However, if the changes are easy to specify by way of an amendment, an amendment agreement would be a good way to take them forward.
In an amendment agreement, the most important details of the changes to the agreement need to be entered: things such as clause numbers which are to be amended and the details of the revision are to be specified.
How to use this document?
This document can be used when the parties are getting ready to revise the terms of an existing agreement.
The Amendment Agreement will be legally binding when it has been printed on non-judicial stamp paper or e-stamp paper and signed by all the parties to the original agreement and has been dated. The value of the stamp paper would depend on the state in which it is executed. Each state in India has provisions in respect of the amount of stamp duty payable on such agreements. Information regarding the stamp duty payable can be found on the State government websites. For instance, the website of the state of Karnataka provides details of stamp duty payable on agreements, as does the website of Delhi.
All the Parties may keep a signed copy of the Amendment Agreement. In order to do this, different copies can be signed, or if only one copy is signed, it can be photocopied and then distributed between the parties.
Amendment Agreements in India are subject to the Indian Contract Act, 1872 which covers general contract principles like formation and mutual understanding.
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