A Variation Agreement is essential when parties need to modify an existing contract without completely replacing it. Under Singapore law, this document formally records agreed changes to contractual terms, ensuring legal certainty and compliance with local contract law requirements. The agreement typically specifies which terms are being varied, any new terms being introduced, and confirms which original terms remain unchanged. It's particularly useful for business relationships where circumstances have changed but the core agreement remains viable.
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1. Parties: Identification of all parties to the variation agreement
2. Background: Details of the original agreement and reason for variation
3. Definitions: Key terms used in the variation agreement
4. Variation Details: Specific changes being made to the original agreement
5. Effective Date: When the variations take effect
6. Original Agreement: Confirmation that all other terms remain unchanged
7. Governing Law: Confirmation of applicable law (Singapore)
1. Consideration: Details of any consideration paid for the variation - include when consideration is being provided for the variation
2. Third Party Rights: Impact on third party rights - include when variation affects rights of third parties
3. Conditions Precedent: Conditions that must be met before variation takes effect - include when variation is subject to certain conditions
1. Schedule of Variations: Detailed list of specific changes to original agreement
2. Amended Clauses: Full text of amended clauses in their new form
3. Consent Documents: Any required third-party consents or approvals
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