Business Contract Addendum
This Addendum ("Addendum") is made and entered into as of August 15, 2054, by and between [Your Company Name], with its principal place of business located at [Your Company Address] ("Company"), and Tech Innovators Inc., with its principal place of business located at 123 Business Park, Suite 456, New York, NY 10001 ("Contractor").
WHEREAS, the Company and Contractor entered into a Business Contract dated March 5, 2053 ("Original Contract");
WHEREAS, the parties wish to amend the Original Contract to modify and add certain terms as set forth in this Addendum;
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and in the Original Contract, the parties agree as follows:
1. Purpose
The purpose of this Addendum is to modify the following sections of the Original Contract: Payment Terms, Project Deliverables, and Contract Duration.
2. Modification Details
2.1 Payment Terms
Original Term: The payment terms specified in the Original Contract require a lump sum payment of $50,000 upon delivery of the final product.
Revised Term: The payment terms are revised as follows:
Initial Payment: $15,000 due upon signing this Addendum.
Progress Payments: $10,000 due upon completion of the first milestone.
Final Payment: $15,000 due upon delivery of the final product.
Additional Payment: $10,000 for any additional features or services requested by the Company.
2.2 Project Deliverables
Original Term: The Original Contract specifies that the deliverables include only the software application version 1.0.
Revised Term: The deliverables are now expanded to include:
Version 1.1: Incorporating user feedback and additional features.
Documentation: Complete user manual and training materials.
Maintenance: One year of free technical support and updates.
2.3 Contract Duration
Original Term: The contract term was set to end on March 5, 2055.
Revised Term: The contract term is extended to:
New End Date: March 5, 2057.
Renewal Option: The Company has an option to renew the contract for an additional two years upon written notice to the Contractor at least 30 days before the end of the term.
3. Effective Date
This Addendum shall be effective as of August 15, 2054.
4. Ratification of Original Contract
Except as expressly amended by this Addendum, all terms and conditions of the Original Contract shall remain in full force and effect and are hereby ratified and confirmed.
5. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Addendum as of the date first above written.
For [Your Company Name] | For Tech Innovators Inc. |
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Name: [Your Name] | Name: Jane Doe |
Title: Chief Executive Officer | Title: Chief Operations Officer |
Date: August 15, 2054 | Date: August 15, 2054 |
Contact Information:
Tech Innovators Inc.
Representative:
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