Contract Variance

Occasionally after an agreement has been entered into, the parties may agree that a change must be made to the original contract. For example, there may be some market change that requires an adjustment of price or an alteration of a timetable. Typically, the original contract will have a provision allowing amendment/variation/modification of the contract and may also set out a variation procedure. This procedure must be followed to ensure that the variation is valid. (continued ...)