Contract Management

During a contract term, the contract may need to be changed or managed, including:

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Contract Management

During the existence or term of a contract, a number of events may take place which mean that the contract needs to be managed or changed in some manner.

The management or change to the contract could arise for a number of reasons, including:

  • change to the parties: a change to the parties to an agreement may occur for a variety of reasons.  The change can be structured as either the assignment or novation of the agreement.  The reasons for the change include:
    • the sale by one of the contracting parties of its business, which includes the benefit of that contract
    • an intra-group corporate reorganisation
  • change to the terms: the parties to a contract may negotiate new or different terms for their agreement.  This might be due to a change in circumstances which result in the parties agreeing new terms or perhaps a change which is negotiated following one party not being able to comply with the original agreement.  The changes might include:
    • price: change to the price payable under the contract
    • time for performance: change to the time by which a party’s obligations are due to be performed
    • term: an extension to the duration of the agreement
    • other contractual terms: one or more changes to other contractual terms
  • termination of the agreement: the parties may agree to bring an agreement to an end earlier than originally envisaged

This section includes a number of different documents that, in light of future events and circumstances, may become necessary from time to time during the life of a contract.

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