Modification Agreement

A Modification Agreement is a formal document that alters the terms of an existing contract, such as a loan or rental agreement. It is used when parties want to change specific conditions—like payment schedules or interest rates—without creating an entirely new contract. This agreement helps both parties adjust to new circumstances, ensuring that the changes are legally binding. It typically outlines the modifications, the reasons for them, and confirms that both parties agree to the new terms, maintaining clarity and ensuring continued cooperation.