It is a commercial reality that parties doing business together do not simply enter into self-contained discrete contracts with each other but engage in a business relationship that evolves and can change over time. This can lead to the need to make changes to contracts already in place.
Contracts can be varied in a number of ways:
- in writing
- by conduct
- unilaterally (if permitted under the contract)
- waiver, or
- sustained minor breach
This is a practice note summarises the law, guidance and practice relating to the variation of contracts and deeds. It explains how a contract or a deed can be varied in writing, orally or by conduct. It also sets out drafting considerations, and the considerations which should be given to third party guarantees and third party rights when varying the contract or deed.
Lexis®PSL Commercial is the only place you need to look. You’ll find clear, concise practice notes that not only explain the legal principles, but include practical tips on how to apply them in real life – with direct links to the relevant legislation, case law, commentary, forms and precedents you’ll need.
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