Agreement Amendment Dilemma: How Should We Handle Contractor Payment Revisions?

Dear colleagues, we have already signed an agreement with manpower suppliers on a headcount basis payment. However, the contractors wish to revise the payment value, to which we also agree. It is important to note that the existing agreement is valid until 2022. What should be our next steps to amend the agreement? Thank you.

Amending an Agreement

The parties to an agreement can amend the existing agreement to any extent by mutual consent. When amending the agreement, it is essential to refer to the existing agreement, specify the clauses being amended, outline the revised clauses, state the effective date of implementation of the revised clauses, and ensure that both parties sign the document.

Amending a Contract

A contract is a mutual agreement involving consideration and consensus ad idem. Once both parties agree to make a change, there is no issue at all. Simply redraft, make the necessary changes, and execute the amended agreement (contract).

In an agreement or work order, the clause of amendment exists. Since the agreement has been signed by both parties, you need to call the agency and discuss the matter. Explain why an amendment or inclusion of a clause arises at this point, as it was due to a typographical error noticed now. Therefore, the only option left is to amend the contract or to scratch it fully.