Modification of Contract

Modification of a contract refers to making changes to an existing agreement between parties. This can involve altering the terms, such as price, deadlines, or specific obligations. Modifications can happen for various reasons, like unforeseen circumstances or mutual consent when both parties agree to the changes. However, it’s essential that all involved parties formally consent to the modifications, often in writing, to ensure clarity and enforceability. Without proper agreement, changes may not be legally recognized, potentially leading to disputes.