addendum

Definition

An addition or update for an existing contract between parties. An addendum allows a revision to a contract without creating an entirely new contract. An addendum is only enforceable if both parties agree and sign.

Use addendum in a sentence

An addendum to the contract was needed as new information came available to ensure that both parties were satisfied with the agreement.

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ABC Company decided to write an addendum to the contract for full time employees requiring all new hires submit to mandatory drug testing.

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Construction is about half way finished at the site. The contractor made some changes to the plans and would like an addendum signed before we can move forth.

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add-backs Fair and Accurate Credit Transactions Act of 2003