Amendment & Restatement Agreement
Template Amendment & Restatement Agreement
Why amend and restate an agreement?
An Amendment & Restatement Agreement is one way in which the parties can amend an existing contract. The amendment can be:
- amendment to the terms and conditions of the contract
- amendment to introduce new parties to the agreement
The amendment could be done by simply documenting specific amendments to the contract in a contract variation agreement or a deed of amendment. If done this way, the original contract and variation document are, together, the amended contract going forward. For our template version of this document, see CON007.001: Contract Variation.
An alternative to having two documents going forward (with the possibility of there being additional documents if further changes are made in the future) would be to replace the original contract in its entirety but in its amended form. This is achieved by what is known as “amending and restating” the original contract. By entering into an amendment and restatement agreement, the original contract is:
- amended by the agreement of the parties to the new form of the contract as amended and restated
- restated by the agreement of the parties to the original agreement being repeated (restated), as amended, by the amended and restated agreement
Amendment & Restatement Agreements are used in particular for loan agreements and shareholders agreements. These types of arrangement are often renegotiated, amended and restated during the term of the loan or joint venture.
About this document
This document is a template amendment and restatement agreement. It is suitable for a contract which is governed by Engish law.
The parties agree to amend and restate the original agreement by replacing it in the form of a schedule to the amendment and restatement agreement. The schedule comprises the agreement in its amended form.
- short form agreement under which the parties agree to amend and restate the original agreement
- a schedule which will set out the amended and restated form of agreement, in its amended form
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