Contract Variation
Agreement for the variation of a contract, for use where the parties wish to amend specific terms of their contract. Going forward, the original agreement and the amendment agreement will, together, comprise the form of the agreement.
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When do I use this document?
- for specific amendments to be made to a contract or agreement
- as an alternative to an Amendment & Restatement Agreement
- for a contract governed by English law
What are the key features?
- letter agreement between the contract parties
- consideration stated for the contract variation
- alternative wording for wording additions and deletions and inclusion of new clauses
What else do I need to know?
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 as a consequence of one party not being able to comply with the original agreement.
This document is an agreement pursuant to which the parties agree to amend specific terms of their agreement. It is suitable for a contract which is governed by English law. Going forward, the original agreement and the amendment agreement will, together, comprise the form of the agreement.
An alternative to having two documents going forward (with the possibility of there being additional documents if further changes are made) would be to replace the original contract in its entirety but in its amended form. This is achieved by amending and restating the original contract by entering into an “amendment & restatement agreement”.
What other documents are available?
For an Amendment & Restatement Agreement, see
When do I use this document?
- secured loan agreement for a secured loan of a fixed amount to be drawn in a single advance
- for a borrower which is a company incorporated in England and Wales
- for a loan repayable on a single repayment date or in instalments
What are the key features?
- easy to edit, with 21 clauses over 13 pages
- single advance of specified loan amount
- regular interest payments at either fixed or floating interest rate by reference to specified bank’s base rate of interest
- repayment either on a single repayment date or in instalments
- undertakings from the borrower, including to provide information to the lender and prohibition on granting security and additional borrowings
- events of default, including a failure by the borrower to repay the loan or interest, leading to the lender having the right to demand immediate repayment
What else do I need to know?
The security would need to be created and governed by a separate security document between the borrower and the lender, depending on the nature of the secured property or assets. Examples of security documents include:
- a charge over property
- a charge over shares
- a debenture, containing fixed and floating charges over all of the borrower’s assets and undertaking
What other documents are available?
For a form of unsecured loan document, see
For forms of unsecured and secured facility agreements, for advances of loans in several lump sums, see
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