An Addendum To Existing Contract is a essential legal instrument used in Nigerian business practice when parties need to modify their existing contractual arrangements without creating an entirely new agreement. This document type is particularly relevant when circumstances require adjustments to specific terms while maintaining the overall structure and validity of the original contract. It must comply with Nigerian contract law requirements, including proper execution, stamping where necessary, and registration if required by the nature of the transaction. The addendum typically addresses modifications such as term extensions, price adjustments, scope changes, or updated delivery schedules. It's crucial in maintaining clear documentation of contract evolution while ensuring legal enforceability under Nigerian jurisdiction. The document is designed to be read in conjunction with the original agreement and includes cross-references to maintain clarity and consistency.
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1. Parties: Identification of all parties to the original contract, maintaining the same names and designations as in the original agreement
2. Background: Reference to the original contract including its date, parties, and subject matter, and brief explanation of why the addendum is needed
3. Definitions: Any new terms being introduced by the addendum, plus reference to definitions in the original agreement that remain applicable
4. Reference to Original Agreement: Specific clause confirming this document is an addendum to the original agreement and that both documents should be read together
5. Modifications: Clear and specific listing of each change being made to the original agreement, referencing the specific sections being modified
6. Continuation of Original Terms: Confirmation that all other terms and conditions of the original agreement remain in full force and effect
7. Effective Date: Specification of when the modifications take effect
8. Governing Law: Confirmation that the addendum is governed by Nigerian law, consistent with the original agreement
9. Execution: Signature blocks for all parties, including dates and witness provisions as required under Nigerian law
1. Recitals: Used when complex background information needs to be included to explain the context of the modifications
2. Interpretation: Include when the modifications might affect the interpretation of other clauses in the original agreement
3. Regulatory Compliance: Required when modifications need to address specific regulatory requirements or changes
4. Third Party Consents: Include when the modifications require approval from parties not directly involved in the contract
5. Stamp Duty Declaration: Required when the addendum needs to comply with stamp duty requirements
6. Counterparts: Include when parties may need to sign the addendum in separate copies
1. Schedule of Amendments: Detailed table or list showing the original clause text and the new modified text side by side
2. Updated Financial Terms: If the modifications involve changes to pricing, payment terms, or other financial aspects
3. Revised Timelines: When modifications affect project schedules, delivery dates, or other time-sensitive terms
4. Amended Specifications: For changes to technical specifications, scope of work, or deliverables
5. Required Approvals: Copies of any regulatory or third-party approvals obtained for the modifications
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