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This document serves to modify the existing contract and extends the performance period and updates wage determinations as per federal requirements.
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How to fill out Modification of Contract

01
Title the document as 'Modification of Contract'.
02
Identify the original contract by including the date and parties involved.
03
Clearly state the modifications being made, specifying what changes in terms or conditions are applicable.
04
Include a clause that states all other terms of the original contract remain in effect unless modified.
05
Date the modification and provide a space for all parties to sign.
06
Ensure all parties receive a copy of the signed modification.

Who needs Modification of Contract?

01
Any party involved in a contract that requires changes to the terms.
02
Businesses needing to revise agreements due to operational changes.
03
Individuals who want to update terms of agreements made previously.
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People Also Ask about

The Company accounts for a contract modification as a separate contract when the scope of the contract increases, and the price of the contract increases by an amount that reflects the standalone selling prices of the additional promised goods or services that are distinct.
Always put a contract amendment in writing and make sure both parties sign and date it. Reference the title of the contract, if applicable; its original parties; and original signing date, so that it is clear what document you are amending. Attach the amendment to the original contract.
It is a legal framework for the agreement between the parties, which is both certain and enforceable. However, to be legally binding, a contract must include four key elements: an offer, acceptance, consideration, and an intention to create legal relations.
Contract modification should be used when all parties involved in a contract agree that changes are necessary to meet their needs or circumstances have evolved such that the original terms are no longer suitable. Common reasons include: Adjustments due to unexpected events or force majeure situations.
The contract consideration is allocated to the remaining performance obligations after the modification, including any unsatisfied performance obligations from the original contract.
A contract addendum is a post-contract attachment that modifies, alters, or changes some of the terms of a previously established contract. Typically, this adds something new to a preexisting document. Once all parties in a contract agree to an addendum, it becomes a part of the new contract.
How to create a contract amendment Pinpoint what you want to change or add. Look at your contract and write down the parts you need to change. Date and title the new amendment. Next, add the current date and the title and date of the original agreement to the document. Draft and describe the changes. Finalize the changes.

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Modification of Contract refers to the formal changes or amendments made to the terms and conditions of an existing contract. These modifications can include changes to the scope of work, price, delivery schedules, or any other contractual obligations.
Typically, the party seeking the modification is required to file the Modification of Contract. This can be either the contractor or the client, depending on the specific changes being requested.
To fill out a Modification of Contract, one must clearly specify the contract's original terms, detail the changes being made, include the reasons for the modification, and provide the signatures of all parties involved to indicate consent to the changes.
The purpose of Modification of Contract is to ensure that all parties agree to and document changes that reflect new understandings, adapt to unforeseen circumstances, or correct errors in the original contract.
The information that must be reported on a Modification of Contract includes the original contract number, specific changes being made, effective date of the modification, reasons for the change, and signatures of all parties to confirm their agreement.
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