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Addendum To Agreement
"I need an Addendum To Agreement to modify the payment terms and delivery schedule in our existing supply agreement with Al Najm Trading Company, increasing the monthly order volume by 25% and extending payment terms from 30 to 45 days, effective March 1, 2025."
1. Parties: Full legal names and details of all parties to the original agreement and addendum
2. Background: Reference to the original agreement (including date and parties), reason for the addendum, and confirmation that the original agreement remains in force except as modified
3. Definitions: Key terms used in the addendum, including reference to definitions in the original agreement
4. Amendments: Clear and specific details of the modifications being made to the original agreement, with reference to specific clauses being modified
5. Effect on Original Agreement: Confirmation that all other terms of the original agreement remain in full force and effect
6. Governing Law: Confirmation that Saudi law and Sharia principles continue to govern
7. Execution: Signature blocks for all parties, including date and place of signing
1. Interpretation: Include when complex amendments require specific rules of interpretation
2. Regulatory Compliance: Include when amendments involve regulated activities or require specific regulatory approvals
3. Additional Representations: Include when amendments require new warranties or representations from parties
4. Effective Date: Include when the amendments take effect on a date different from the signing date
5. Third Party Rights: Include when amendments affect rights of third parties or require third party consents
6. Islamic Finance Compliance: Include when amendments involve financial terms to ensure continued Sharia compliance
1. Schedule of Amendments: Detailed table showing original clause text and new amended text
2. Schedule of Required Approvals: List of any regulatory or third-party approvals required for the amendments
3. Revised Commercial Terms: If applicable, updated pricing, payment terms, or other commercial provisions
4. Execution Formalities: Any specific execution requirements under Saudi law, including required notarizations or attestations
Authors
Financial Services
Construction
Real Estate
Oil & Gas
Manufacturing
Technology
Healthcare
Retail
Transportation & Logistics
Professional Services
Telecommunications
Education
Agriculture
Mining
Energy
Legal
Procurement
Commercial
Finance
Compliance
Risk Management
Operations
Business Development
Project Management
Corporate Secretariat
Executive Leadership
Contract Administration
Legal Counsel
Contract Manager
Commercial Director
Chief Executive Officer
Chief Financial Officer
Procurement Manager
Business Development Manager
Project Manager
Compliance Officer
Risk Manager
Operations Director
General Manager
Company Secretary
Finance Director
Legal Director
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