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Varying an Expired Agreement: What You Need to Know

When a contractual agreement between two parties expires, it may seem like the end of the road for that particular business relationship. However, in many cases, it is possible to vary an expired agreement and continue working together.

Varying an agreement involves making changes to the terms and conditions of the original contract. This can include extending the duration of the agreement, changing the payment terms, or modifying the scope of work. Varying an expired agreement can be beneficial for both parties, as it allows them to continue working together without the need to negotiate a completely new contract from scratch.

Here are some key things to keep in mind when varying an expired agreement:

1. Make sure you have a solid understanding of the original agreement

Before making any changes to the expired agreement, it’s important to review the original contract to ensure you understand the terms and conditions that were agreed upon. This will help you determine what changes need to be made and how they should be structured.

2. Communicate with the other party

Once you have a clear understanding of the original agreement, it’s important to communicate with the other party to discuss the changes you would like to make. This can help ensure that both parties are on the same page and can work together to develop a new agreement that is mutually beneficial.

3. Consider the implications of the changes

When varying an agreement, it’s important to consider the potential implications of the changes you are making. For example, if you are extending the duration of the agreement, you may need to renegotiate the pricing to ensure that it remains fair for both parties.

4. Put the changes in writing

Once you have agreed on the changes you would like to make, it’s important to put them in writing and have both parties sign the new agreement. This will help ensure that everyone is clear on the new terms and conditions and can refer back to the agreement if there are any disagreements in the future.

5. Get legal advice if necessary

If the changes you are making are significant or complex, it may be a good idea to seek legal advice to ensure that you are not inadvertently creating any legal issues. A lawyer can help you understand the implications of the changes and ensure that the new agreement is legally binding.

In conclusion, varying an expired agreement can be a great way to continue working with a business partner without the need to start from scratch. By understanding the original agreement, communicating with the other party, considering the implications of the changes, putting the changes in writing, and seeking legal advice if necessary, you can develop a new agreement that meets the needs of both parties.