Contract Adjustment
/ˈkɒntrækt əˈdʒʌstmənt/
Definitions
- (n.) A modification or change to the terms of an existing contract agreed upon by all parties.
The parties executed a contract adjustment to extend the deadline for completion.
- (n.) A correction or alteration made to a contract to reflect changes in circumstances or to resolve ambiguities.
The contract adjustment clarified the payment schedule after the project scope was revised.
Forms
- contract adjustments
Related terms
See also
Commentary
Contract adjustments often require mutual consent and may be subject to statutory or contractual procedures to ensure enforceability.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.