Guam Addendum to Contract for Sale and Purchase of Real Property

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Multi-State
Control #:
US-03209BG
Format:
Word; 
Rich Text
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Description

An addendum is a thing to be added; an addition. For example, it may be used to add supplemental terms or conditions to a contract or make corrections or supply omissions to a document. An addendum is often used to supply additional terms to standardized contracts, such as leases. Addendum is singular; the plural form is addenda.

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FAQ

Addendums to purchase and sale agreements are often changes to closing dates, inspection periods, or pricing. These addendums must obtain agreement from both parties to go into effect and modify the original contract.

A contract addendum cannot be legally enforced unless both parties fully understand the new terms and agree to them in writing. All parties who signed the original contract must also sign the addendum; if one or more parties are unavailable, they can appoint agents who have the authority to sign on their behalf.

Addenda must be sequential [ #1, #2, #3, etc.] especially when made a part of the Purchase Contract. An Addendum to a document other than the Purchase Agreement may be labeled as an Addendum for that particular document [Addendum #TDS, Addendum #SPQ, etc.]

While an amendment alters the core terms of the contract, an addendum provides supplementary information without changing the original content.

A contract addendum cannot be legally enforced unless both parties fully understand the new terms and agree to them in writing. All parties who signed the original contract must also sign the addendum; if one or more parties are unavailable, they can appoint agents who have the authority to sign on their behalf.

How to write an addendum to a contract Consider and mirror the language of the original contract. Choose an addendum title. Make clear the parties involved. Clarify the part of the original contract the addendum refers to. Ensure compliance with the original contract and all other relevant regulations.

Both addendums and amendments require the consent and agreement of all parties involved in the original contract. Any party to the contract can propose an amendment or an addendum, but it is necessary for all other parties to agree to the proposed changes before either an addendum or an amendment can be added.

Key Elements of an Addendum A proper addendum should include: A clear identification of the original contract and parties. This includes the date of the agreement and names of the parties involved. An introduction stating that the purpose of the addendum is to amend or modify the original contract.

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Guam Addendum to Contract for Sale and Purchase of Real Property