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In any business, contracts are at the heart of most transactions you make.
But if your business grows and you’re dealing with more people, or if you’re changing the way you do things, you might want to change the contract you originally agreed to.
Rather than diving deep into the contract and making adjustments yourself, there’s a more simple way to do this.
This is where a Deed of Variation comes in.
What Is A Deed of Variation?
Put simply, a Deed of Variation is a legal document that “varies” or changes one or more clauses of a former contractual agreement.
It will set out the details of what changes are being made, and any other legal formalities required to put that variation into effect.
However, it’s still a good idea to make sure you get a lawyer to assist you in doing this.
Why?
While it sounds easy to just “vary” a contract, you want to make sure that you can actually do this. For example, you want to check whether the contract you want to change has a clause that allows you to vary it.
Some contracts set out specific processes for changing terms of a contract. For instance, some parties to a contract might require written notice and prior approval before varying a contract. And, as some contracts are quite intricate and cleverly drafted, changing one term of the contract might affect the entire document.
This is why it’s a good idea to have a lawyer guide you through this process.
Need Help?
If you need help varying an existing contract, come and talk to us!You can reach out to our friendly team on 1800 730 617 or team@sprintlaw.com.au for a free, no-obligations chat about your situation.
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