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An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.
An addendum is used to clarify and add things that were not initially part of the original contract or agreement. Think of addendums as additions to the original agreement (for example, adding a deadline where none existed in the original version).
An addendum is an attachment to a contract that modifies the terms and conditions of the original contract. Addendums are used to efficiently update the terms or conditions of many types of contracts.
A purchase agreement addendum, or ?amendment,? is added to a real estate purchase agreement to expand or amend the agreement's terms and conditions. The addendum must be signed by both buyer and seller to become in effect. After signing, the addendum should be attached to the original purchase agreement.
Just as the lease agreement needs to be signed by all parties, lease addendums also must be signed by all parties to be legally binding. If they do not provide their signatures, the addendum is not considered effective or legal because they have not consented to the changes.