Final answer:
To properly change a binding contract, parties typically sign a separate amendment that details the changes and is attached to the original contract. They could also replace the contract with a new one. Writing changes directly in the original contract is riskier and less clear than a separate amendment.
Step-by-step explanation:
The proper procedure for changing a contract that has already become binding is typically through signing a separate amendment. This amendment should clearly state the changes to the contract, be signed by all parties involved, and attached to the original contract
. Alternatively, the parties can mutually agree to replace the old contract with a completely new one if substantial changes are needed. It's generally not recommended to physically write changes in the original contract document because it can lead to disputes and uncertainty regarding the agreed terms.
Instead, a formal amendment should be drafted that outlines each specific change. For minor modifications, some parties choose the method of writing the changes in the original contract, dating them, and having all parties initial the changes to indicate agreement.
However, this can be risky and is less clear than a separate, cleanly drafted amendment. Whatever method is used, it is vital that all parties agree to the contract changes and endorse them to maintain the enforceability of the contract.The proper procedure for changing a contract that has already become binding is to sign a separate amendment.
This amendment should clearly state the changes being made to the original contract and be signed by all parties involved. It is important to have a separate document to ensure that the changes are properly documented and agreed upon.
Replacing the old contract with a new one is not necessary and can lead to confusion. Writing the changes in the original contract may cause confusion and ambiguity if the original text is not clearly marked. Instead, it is best to have a separate amendment that clearly outlines the changes.
Once the amendment is signed, it should be dated and initialed by all parties involved as an acknowledgment of the changes.