Ever entered into a contract and later wish you could amend it right after you have signed it? Maybe owing to the excitement that came with it, you probably agreed to the terms without critically analysing them. You sign, shake hands and leave. Then it hits you, you might perhaps have gotten a raw deal. Maybe the compensation wasn’t reasonable or perhaps the duration. You wish you could turn back the hands of time? Honestly, you really can’t, but you can change the terms.
First things first…
Check if there is any clause in the contract to guide the parties on how the contract may be modified. Consequently, inform the other party on the changes you wish to make in the contract.
Make sure that both parties have agreed to the new terms of the contract. The negotiations can be done on behalf of the parties through their advocates or directly. Once it is agreed, then the final draft can be created… However, it would be recommended that you insert a ‘rider clause’ too. This clause recognizes the changes made to the new contract. It is more of a summary of the changes made.
Upon agreeing on the new terms in the contract, both parties can then sign the contract for it to be binding and the new terms can enter into force.