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Addendum To Existing Contract

Addendum To Existing Contract Template for Nigeria

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Key Requirements PROMPT example:

Addendum To Existing Contract

"I need an Addendum To Existing Contract for a manufacturing supply agreement to extend the contract term until March 2025 and update the pricing schedule to account for inflation adjustments."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Addendum
Original Agreement
Effective Date
Modified Terms
Existing Terms
Parties
Amendment Date
Modification
Revised Schedule
Updated Terms
Original Contract Date
Amended Provisions
Surviving Provisions
Supplementary Terms
Contract Documents
Variation
Governing Documents
Implementation Date
Modification Date
Original Parties
Additional Parties
Combined Agreement
Modified Agreement
Continuation Period
Extension Term
Amended Obligations
Previous Version
Updated Version
Modification Notice
Consent Document
Relevant Industries

Oil and Gas

Manufacturing

Financial Services

Technology

Telecommunications

Real Estate

Construction

Agriculture

Healthcare

Education

Retail

Transportation

Energy

Mining

Professional Services

Entertainment

Hospitality

Relevant Teams

Legal

Procurement

Operations

Finance

Compliance

Risk Management

Commercial

Business Development

Project Management

Contract Administration

Corporate Secretariat

Supply Chain

Relevant Roles

Legal Counsel

Contract Manager

Business Development Manager

Project Manager

Procurement Manager

Operations Director

Chief Executive Officer

Chief Financial Officer

Commercial Director

Compliance Officer

Risk Manager

Company Secretary

General Manager

Sales Director

Supply Chain Manager

Industries
Nigerian Contract Act: This is the primary legislation governing contract formation, validity, and enforcement in Nigeria. It provides the basic framework for contractual relationships and modifications.
Statute of Frauds (inherited from English common law): While not a direct Nigerian statute, these principles are applied in Nigerian contract law and require certain contracts and their modifications to be in writing to be enforceable.
Evidence Act 2011: This Act governs how contractual documents, including addendums, can be presented and proven in Nigerian courts, including requirements for documentation and authentication.
Illiterates Protection Act: If any party to the contract is illiterate, this Act must be considered as it provides special requirements for contract execution involving illiterate parties.
Registration of Instruments Act: Depending on the nature of the original contract, this Act may require the registration of certain contractual documents, including significant modifications.
Stamp Duties Act: Requires certain documents, including contract modifications, to be properly stamped to be admissible as evidence in court.
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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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