What is a Sales Addendum ?
An Sales Addendum to a buy and sell agreement is a type of attachment to a sales contract that adds new terms and conditions to the original contract. An addendum to a buy and sell agreement can be attached to a contract to amend the actual terms. It can, however, expand on or incorporate additional material pertinent to the original agreement.
Addendums to buy and sale agreements are frequently used to adjust closing dates, inspection periods, or pricing. These addendums must be approved by both parties before they may take effect and affect the original contract.
Why use a Sales Addendum ?
An addendum (different from an amendments) is any written material that is added to an existing piece of writing. The addendum frequently refers to extra documentation that modifies the first agreement that forms the basis of the original contract.
In that situation, the addition may also serve solely informative purposes, such as a supplement to a book or paperwork demonstrating a contract provision. In certain instances, the information may also include drawings or diagrams that elucidate the terms of a contract.
Addendums, like other parts of the contract, frequently demand signatures from all parties involved in the discussion. This procedure confirms that the parties have reviewed and accepted the new or extra material. The addendum is made a legally binding component of the contract.
Format: Microsoft Word (.doc) (.docx) and Google Docs
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