A contract amendment is a formal alteration to the terms of an existing contract, agreed upon by all parties involved. It allows changes to specific provisions without voiding the original contract, ensuring that the agreement remains relevant and effective in addressing the parties' needs.
“Construction Contract Amendment” means any amendment or modification of, or a waiver of a right or obligation under, a Construction Contract to which the Borrower is a party, or any payment or performance bond provided thereunder (including any change order or any owner construction change directive to such a Construction Contract).
6.2 Material Construction Contract Amendment Process. The Borrower shall not (and shall not permit or cause the Developer to) enter into or approve any Material Construction Contract Amendment except as set forth in this Section 6.2. Any Construction Contract Amendment that results from a Material Change Order (a “Material Construction Contract Amendment”) shall be in writing and shall identify with particularity all changes being made. The Borrower shall not permit any Material Construction Contract Amendment to become effective unless and until: (a) the Borrower, the Developer and all Contractors party thereto have executed and delivered to the Administrative Agent the Material Construction Contract Amendment (with the effectiveness thereof subject only to satisfaction of the applicable conditions in clauses (b), (c), and (d) below); (b) the Borrower has submitted the Material Construction Contract Amendment to the Administrative Agent together with an Officer’s Certificate in the form of Exhibit D (a “Material Construction Contract Amendment Certificate”); (c) if such Material Construction Contract Amendment will result in a material amendment to the Project Budget, the Borrower shall have complied with the requirements of Section 6.1; and (d) if such Material Construction Contract Amendment will result in an amendment to the Project Schedule, then the Borrower shall have complied with the requirements of Section 6.14.
The Parties desire to amend the Contract on the terms and conditions set forth in this Contract Amendment (the "Agreement").
All price increase proposals arising from tariffs must be approved by Kaiser and documented through a contract amendment prior to being effective. Notwithstanding anything to the contrary herein contained, Supplier shall have no obligation to sell or deliver to Kaiser any Product subject to any tariff of which Kaiser had not approved and documented through a contract amendment. If price increases due to tariffs are implemented and the relevant tariffs are removed or decreased subsequently, Kaiser and Supplier will execute a contract amendment to reflect such removal or decrease within 45 days of the relevant tariff’s removal or decrease.
Contract Amendment Negotiation Period”). If Seller Representative and Purchaser mutually agree to modify the terms of Section 10.4 and Schedule 10.4 in light of such proposed amendment or modification to the applicable Turbine Contract, then such modification to Section 10.4 and Schedule 10.4 shall be effectuated pursuant to a written “Restricted Peso Obligation Amendment” executed by the Seller Representative (on behalf of Sellers) and Purchaser. For the avoidance of doubt, the Seller Representative shall be obligated to act reasonably and in good faith but shall not be obligated to enter into any Restricted Peso Obligation Amendment that increases (or would reasonably be expected to increase) in any respect the liability of Sellers hereunder or otherwise adversely affects the indemnification obligations of Sellers hereunder.
Increase in Committed Scope from Contract Amendment On July 21, 2021, the Company announced a contract amendment to a multiple use agreement between the Mikisew North American Limited Partnership and a major oil sands producer. The agreement has an expiration date of December 2023 and the Company anticipates its share to be approximately $175 million in additional revenue over the remainder of the agreement.
On November 10, 2020, the Company entered into a further contract amendment (the “Amendment”) with the Seller to allow for a refund of the full purchase price of the Taiwan Land Parcel if licenses and approvals needed to transfer land title to Aerkomm Taiwan are not granted by July 31, 2020. A copy of the Amendment is filed herewith in Chinese along with an English translation as Exhibits 99.2 and 99.3, respectively.
•On July 21, 2021, we announced a contract amendment to a multiple use agreement between the Mikisew North American Limited Partnership and a major oil sands producer. We anticipate our share to be approximately $175 million in additional revenue over the remainder of the agreement.
The increase in operating expenses was primarily due to increased legal fees, personnel-related costs, and increasing the adjustment in our expected payout to the sellers of LEEDS (related to the earnout) by $1.3 million as a result of the execution of the contract amendment referenced above in January 2022, and costs associated with the Forensic Logic acquisition that closed in early January 2022.
Contract Amendment incorporated herein by reference to Post-Effective Amendment No. 3 (File No. 333-63505) filed on March 28, 2000.
Contract Amendment for LTC Benefits (AA 531 3/10) incorporated herein by reference to Post-Effective Amendment No. 19 (File No. 333-138190) filed on December 29, 2010.
In addition to the acceptance of this Contract Amendment, the University certifies that original copies of this signature page will be attached to all exact copies of this Contract Amendment.
That said, the resumption of work at Fort Hills and the contract amendments recently secured with oil sands producers illustrates the strength of this region and we remain committed to serving these customers.
On August 10, 2022, TripSPV and Buyer entered into a letter agreement amending certain terms of the 2020 Forward Contract (the “2022 Forward Contract Amendment”). Pursuant to the 2022 Forward Contract Amendment, TripSPV and Buyer agreed to: (i) extend the Valuation Period to a specified period in the fourth quarter of 2025, (ii) increase the initial share price, which was used to determine the forward floor price for the transaction, and (iii) increase the prepayment amount by $5,050,340.
In connection with the execution of the Merger Agreement, LACQ and Vora SOMF have entered into an amendment (the “Contingent Forward Purchase Contract Amendment”) to the Contingent Forward Purchase Contract, dated December 1, 2017, by and between LACQ and Vora SOMF to provide that the Contingent Forward Purchase Contract will terminate upon the Closing.
A copy of the Contingent Forward Purchase Contract Amendment is filed with this Current Report on Form 8-K as Exhibit 10.4 and is incorporated herein by reference, and the foregoing description of the Contingent Forward Purchase Contract Amendment is qualified in its entirety by reference thereto.
2.4 Amended Merger Sub Group Contracts. Merger Sub has delivered to the Company a true and complete copy of the amendment or the amended and restated version of each of: (i) the Equity Commitment Letters, (ii) the Guarantees, (iii) the Recruit Support Agreement, and (iv) the Interim Investors Agreement (each, a “Relevant Merger Sub Group Contract”), dated as of the date of this Amendment (each such amendment, a “Merger Sub Group Contract Amendment”, and each such amendment and restatement, an “Amended Merger Sub Group Contract”). Pursuant to Section 6.16 of the Agreement, the Company hereby consents to the amendment or to the amendment and restatement (as applicable) of each Relevant Merger Sub Group Contract by the corresponding Merger Sub Group Contract Amendment or Amended Merger Sub Group Contract (as applicable). Effective from the date of this Amendment, each reference to a Merger Sub Group Contract or the Merger Sub Group Contracts in the Agreement shall be construed to refer to the Merger Sub Group Contract or the Merger Sub Group Contracts as amended by the corresponding Merger Sub Group Contract Amendment and/or as amended and restated by the Amended Merger Sub Group Contracts (as applicable). The representations and warranties set forth in Section 4.12 of the Agreement shall be deemed to be given by Merger Sub to the Company solely with respect to the Merger Sub Group Contract Amendments and the Amended Merger Sub Group Contracts as of the date of this Amendment.
The initial term for the project is for a period of 25 years beginning in the first month the Lessee receives energy credits from energy production of the power plant. The term may be extended by execution of a contract amendment at least thirty days prior to the expiration of the Initial Term.
A contract amendment is a formal change or addition made to an existing contract. It allows the parties involved to modify the terms and conditions of the original agreement without having to start from scratch. Amendments can be used to update various elements of a contract, such as timelines, pricing, roles, or responsibilities, in response to changing circumstances or mutual consent between the parties.
You should consider using a contract amendment when:
Amendments help ensure that both parties remain in agreement and that the contract stays relevant and enforceable.
Writing a contract amendment involves several key steps:
Title the Document: Clearly label the document as an amendment to a specific contract.
Reference the Original Contract: Include the date and any identifying information related to the original agreement.
Specify the Changes: Clearly state the sections or clauses being amended and describe the exact nature of the changes.
Include Effective Date: Specify when the amendments will take effect.
Consent and Signatures: Ensure that all parties to the original contract agree to the amendments by signing and dating the document.
Notarization (if required): Depending on the legal requirements or the nature of the contract, it may need to be notarized.
Example:
“This Amendment, effective as of [Date], amends the Agreement dated [Original Date] between [Party A] and [Party B]. The following sections are amended as follows:…”
All other terms of the original agreement remain unchanged.
Contract amendments can be found in various types of agreements, particularly those prone to change due to external conditions or ongoing discussions. Common examples include:
Every industry and type of contract may require amendments at some point to remain effective and relevant, ensuring that the initial agreement reflects the current status and intentions of the parties involved.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
Contract consideration refers to the value or benefit that each party agrees to exchange as part of the agreement, which is necessary for a contract to be legally binding. It can include money, services, goods, or a promise to refrain from a specific action.
A convalescence clause in a contract typically outlines the terms and conditions under which a party is entitled to take leave or receive benefits during a recovery period following an illness or medical treatment. This clause may specify the duration of the convalescence period, any necessary documentation, and the rights and obligations of both parties during this time.
A cooperation clause requires that all parties involved in a contract work together collaboratively and provide necessary support to each other to fulfill the terms and conditions of the agreement. This may include sharing information, resources, and assistance to ensure the successful completion of contractual obligations.
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