We can describe the modified terms as the new clauses, terms and conditions that both parties want to include in the actual written contract or agreement. It is important to modify the actual written and signed contract separately because once an agreement is signed by the both parties, no change can be made to the actual contract without proper consent of both parties and signed statements on a separate contract permitting the term modifications.
Introduction to the acknowledgement of modified terms:
Usually when two parties i.e. a client and a contractor, enter in a contract, they both agree to the terms and conditions of the agreement before signing it. Once they sign the agreement, no party can make any changes to the contract without permission or consent from the other party. There are some situations in which a party feels or finds out that it is not possible to keep up with the previously written and signed contract and it is important to modify the terms and conditions of the contract.
In this case, this party has the legal responsibility of informing the other party about the changes they wish to make to the agreement. Once the other party receives the notice, it’s their free will if they want to accept it or deny it. In case of acceptance, the other party sends the acknowledgement of modified terms letter back to the previous party in order to inform them that they have received, reviewed and accepted the modification terms and conditions.
Useful tips for writing the Acknowledgement of Modified Terms:
Include the names of the involved parties clearly:
When you write this letter as the acceptance party on the other hand, you need to mention the names and addresses of all the people involved in the contract i.e. clients, contractors, guarantors and other participants.
Give reference to the actual contract and previous terms:
Before you mention that you have accepted the modified terms, you need to give reference to the actual or previous signed contract between you and the other party. You can either give a reference number to the actual agreement or just include a date on which you signed that contract.
Explain the modifications one by one in the acknowledgement:
At this point, you need to include and explain each modification that you have accepted with the consent or offer of the other party. Mention each modified term and explain what the term was previously and what kind of change you have made to it.
Send the acknowledgement letter to the proper authorities:
You should avoid sending generic acknowledgement letters. Before you send this letter, you should ask who will receive this letter on the other end and address to that specific person in the contents of the letter.
Always keep copies of all the sent documents:
It is really important that whatever documents or letters you receive or send to the other party, you make copies of them and keep them in your record for future references and disputes.
Here is preview of a Free Sample Acknowledgement Letter for Modified Terms created using MS Word,
Here is download link for this Acknowledgement Letter for Modified Terms,