Get the free CONTRACT PRICE ADDENDUM

This form is for the exclusive use of members of the Home Builders Association of Greater Cincinnati, Inc. BUILDING MATERIALS ADDENDUM This Addendum (Addendum) is made this day of, 20 by and between

How to fill out contract price addendum

How to Fill Out Contract Price Addendum:

1. Begin by reviewing the original contract to understand the specific terms and conditions related to the price.
2. Identify the need to make changes or additions to the contract price. This can include adjustments due to market fluctuations, additional costs incurred during the project, or any other agreed-upon changes.
3. Clearly state the purpose of the addendum at the beginning, ensuring it aligns with the original contract and any applicable legal requirements.
4. Specify the details of the changes to the contract price. Include the revised amount, any new payment terms or schedules, and the effective date from which the changes will be applicable.
5. Provide a comprehensive explanation or rationale for the changes made to the contract price. This can help ensure clarity and avoid any potential misunderstandings or disputes in the future.
6. Include any necessary signatures from all parties involved in the contract. This may include the contractor, client, and any relevant stakeholders.
7. Ensure that all copies of the original contract are updated with the contract price addendum. It is recommended to distribute the revised contract to all parties involved for their records.
8. Retain a copy of the contract price addendum for your own records and for any potential legal purposes in the future.

Who Needs Contract Price Addendum:

1. Contractors: Contractors may need a contract price addendum when there are fluctuations in material prices, labor costs, or unforeseen project expenses that need to be addressed and agreed upon.
2. Clients: Clients may request a contract price addendum to account for any changes in their budget, project scope, or in the market conditions that could impact the overall project cost.
3. Subcontractors: Subcontractors who are involved in a larger project may require a contract price addendum if there are any changes in their agreed-upon payment terms or if additional work is required.
4. Project Managers: Project managers may initiate a contract price addendum if they identify the need to modify the contract price due to changes in the project scope, unforeseen circumstances, or contractual obligations.
5. Legal Advisors: Legal advisors or attorneys may recommend a contract price addendum to ensure that any changes to the contract price are properly documented and comply with applicable laws and regulations.

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What is contract price addendum?

A contract price addendum is a document that is added to a contract to modify or update the pricing terms.

Who is required to file contract price addendum?

The parties involved in a contract may be required to file a contract price addendum, depending on the terms of the original agreement.

How to fill out contract price addendum?

Contract price addendum can be filled out by detailing the changes to the pricing terms in the original contract and having all parties involved sign the document.

What is the purpose of contract price addendum?

The purpose of a contract price addendum is to ensure that any changes to the pricing terms of a contract are documented and agreed upon by all parties involved.

What information must be reported on contract price addendum?

Information such as the original contract details, the changes to pricing terms, and signatures of all parties involved must be reported on a contract price addendum.