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Addendum To Buy Sell Agreement for Philippines

Addendum To Buy Sell Agreement Template for Philippines

A legal document governed by Philippine law that modifies, supplements, or amends specific terms and conditions of an existing Buy-Sell Agreement while maintaining the validity of the original contract's unchanged provisions. This document must comply with the Civil Code of the Philippines and related statutes governing contract modifications. It serves to formalize changes agreed upon by the parties after the execution of the original agreement, whether these changes relate to price, payment terms, delivery conditions, specifications, or other contractual terms. The document requires proper execution including notarization as per Philippine legal requirements.

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What is a Addendum To Buy Sell Agreement?

An Addendum To Buy Sell Agreement is a crucial legal instrument used when parties need to modify their existing buy-sell arrangement without creating an entirely new contract. This document type is particularly important in the Philippine legal context, where contract modifications must be clearly documented and properly executed to be enforceable under the Civil Code. It's commonly used when circumstances necessitate changes to original terms such as purchase price adjustments, payment schedules, delivery terms, or specification modifications. The addendum must reference the original agreement and clearly outline which provisions are being modified while explicitly stating that all other terms remain in effect. This document requires careful drafting to ensure compliance with Philippine contract law and may need notarization depending on the nature of the original agreement and the modifications being made.

What sections should be included in a Addendum To Buy Sell Agreement?

1. Parties: Identification of all parties to the original Buy-Sell Agreement, including their complete legal names and addresses

2. Background: Reference to the original Buy-Sell Agreement including its date of execution, purpose, and reason for this addendum

3. Definitions: Key terms used in the addendum, particularly any new terms not defined in the original agreement

4. Reference to Original Agreement: Specific citation of the original agreement's sections that are being modified

5. Modifications: Clear and specific details of the changes being made to the original agreement, including any amended clauses

6. Effect on Original Agreement: Statement confirming that all other terms and conditions of the original agreement remain in full force and effect

7. Integration: Clause stating that this addendum becomes part of the original agreement

8. Execution: Signature block for all parties, witnesses, and notary as required under Philippine law

What sections are optional to include in a Addendum To Buy Sell Agreement?

1. Additional Representations and Warranties: Used when the modifications require new representations or warranties from either party

2. Price Adjustment: Include when the addendum involves changes to the original purchase price

3. Payment Terms Modification: Used when modifying the original payment schedule or terms

4. Delivery or Performance Modifications: Include when changing timing or method of delivery/performance

5. Compliance with Laws: Added when modifications need to address specific regulatory requirements

6. Tax Provisions: Include when modifications affect tax implications of the transaction

7. Force Majeure Update: Used when adding or modifying force majeure provisions in light of new circumstances

What schedules should be included in a Addendum To Buy Sell Agreement?

1. Schedule A - Modified Terms: Detailed listing of specific terms being modified from the original agreement

2. Schedule B - Revised Payment Schedule: If applicable, updated payment terms or installment schedule

3. Schedule C - Modified Specifications: If applicable, any changes to product, property, or service specifications

4. Appendix 1 - Supporting Documents: Any new certificates, permits, or supporting documents related to the modifications

5. Appendix 2 - Revised Drawings or Plans: If applicable, updated technical drawings, plans, or diagrams affected by the addendum

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Document Type

Buy-Sell Agreement

Sector

Sales

Cost

Free to use
Relevant legal definitions










Clauses






























Relevant Industries

Real Estate

Manufacturing

Retail

Agriculture

Construction

Technology

Professional Services

Mining

Energy

Transportation

Import/Export

Healthcare

Relevant Teams

Legal

Procurement

Sales

Compliance

Finance

Operations

Risk Management

Business Development

Contract Administration

Real Estate

Relevant Roles

Legal Counsel

Contract Manager

Business Development Manager

Procurement Manager

Sales Director

Real Estate Broker

Property Manager

Corporate Secretary

Compliance Officer

Chief Legal Officer

Chief Financial Officer

Operations Manager

Project Manager

Risk Manager

Commercial Director

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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