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Addendum To Contract For Sale And Purchase

Addendum To Contract For Sale And Purchase Template for India

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Addendum To Contract For Sale And Purchase

"I need an Addendum to Contract for Sale and Purchase under Indian law to modify the purchase price of a commercial property in Mumbai from ₹5 crore to ₹5.5 crore and extend the completion date to March 15, 2025, with all other original terms remaining unchanged."

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Document background
The Addendum To Contract For Sale And Purchase is a crucial legal instrument used in Indian business and property transactions when parties need to modify their existing sale and purchase agreement without creating an entirely new contract. This document type is commonly utilized when circumstances require adjustments to the original terms, such as price modifications, delivery timeline changes, or updates to property specifications. It must comply with Indian contract law, particularly the Indian Contract Act, 1872, and when involving immovable property, the Transfer of Property Act, 1882. The addendum ensures continuity of the original agreement while incorporating necessary changes, making it essential for business transactions requiring flexibility and adaptation to changing circumstances. It's particularly important in real estate transactions, asset sales, and commercial property dealings where terms may need adjustment after the initial agreement but before completion.
Suggested Sections

1. Parties: Identification of all parties to the original contract and addendum, including their legal names and addresses

2. Background: Reference to the original contract including its date, parties, and subject matter, and brief explanation of why the addendum is needed

3. Definitions: Key terms used in the addendum, including reference to definitions in the original contract that remain applicable

4. Amendment Details: Specific modifications to the original contract, clearly stating which sections are being modified, deleted, or added

5. Effect on Original Agreement: Statement confirming that all other terms and conditions of the original contract remain in full force and effect

6. Governing Law: Confirmation that the addendum is governed by Indian law, consistent with the original agreement

7. Execution: Signature blocks for all parties, including space for witnesses as required under Indian law

Optional Sections

1. Additional Representations: New representations and warranties specific to the changes being made, if applicable

2. Time Extension: If the addendum involves extending time periods or deadlines in the original contract

3. Price Adjustment: If the addendum involves changes to the purchase price or payment terms

4. Property Description Amendment: If the addendum involves any changes to the description of the property being sold

5. Conditions Precedent: Any new conditions that must be satisfied before the amendments take effect

6. Third Party Consents: If the amendments require approval from any third parties

7. Registration Details: If the addendum requires registration under the Registration Act

Suggested Schedules

1. Schedule A - Modified Terms: Detailed listing of specific terms being modified from the original agreement

2. Schedule B - Revised Price Schedule: If applicable, detailed breakdown of any price changes or payment term modifications

3. Schedule C - Updated Property Details: If applicable, revised or additional property specifications or descriptions

4. Appendix 1 - Required Approvals: List of any regulatory or third-party approvals needed for the amendments

5. Appendix 2 - Supporting Documents: Any additional documents referenced in the addendum or required to effect the changes

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses

























Relevant Industries

Real Estate

Manufacturing

Retail

Construction

Agriculture

Industrial

Commercial Property

Residential Property

Asset Management

Infrastructure

Hospitality

Relevant Teams

Legal

Real Estate

Procurement

Sales

Commercial

Compliance

Business Development

Property Management

Contract Administration

Corporate Secretarial

Risk Management

Relevant Roles

Legal Counsel

Contract Manager

Property Manager

Real Estate Manager

Business Development Manager

Chief Legal Officer

Company Secretary

Procurement Manager

Sales Director

Commercial Director

Property Developer

Asset Manager

Compliance Officer

Transaction Manager

Legal Administrator

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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