Sample Addendum to Agreement
Sample Addendum to Agreement
The purpose of this Sample Addendum to Agreement is to formally modify and amend the terms outlined in the original agreement between [Your Company Name] and Apex Solutions Inc., dated June 15, 2050. This addendum addresses specific clauses that require adjustment to reflect current business needs, ensuring clarity and mutual understanding between both parties.
The key amendments include adjustments to the payment schedule, the extension of the contract term, and updates to confidentiality obligations. This document shall be considered an integral part of the original agreement, with all other terms and conditions remaining unchanged. Both parties acknowledge and agree to the revisions stated herein. This addendum is effective as of August 11, 2050, and requires signatures from authorized representatives of both parties.
1. Adjustments to the Payment Schedule
Effective August 11, 2050, the payment schedule outlined in Section 4 of the original agreement is amended as follows: Payments previously scheduled for the 1st of each month will now be due on the 15th of each month. Additionally, the payment amount for the month of August 2050 will be prorated to account for the adjustment in the payment date.
2. Extension of the Contract Term
The term of the original agreement, which was set to expire on December 31, 2053, is hereby extended for an additional two years. The new expiration date of the agreement will be December 31, 2055. All other terms and conditions related to the contract term shall remain unchanged.
3. Updates to Confidentiality Obligations
The confidentiality obligations outlined in Section 7 of the original agreement are updated as follows: Both parties are now required to implement enhanced security measures for all confidential information, including encrypted storage and restricted access controls. Additionally, any breach of confidentiality must be reported within 24 hours to the other party, with a detailed action plan to mitigate any potential damage.
IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed by their duly authorized representatives as of the date first above written.
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[Your Company Name] |
Apex Solutions Inc. |
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By: [Your Name] |
By: Anastasia Lee |
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Title: Chief Legal Officer |
Title: Company Representative |
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Date: August 11, 2050 |
Date: August 11, 2050 |
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