Amendment

Once all parties have signed the contract, it becomes an executed binding legal document. All agreed upon terms are now set. If a party needs to modify the terms, both the buyer and seller must sign an amendment that mutually authorizes the specific change. Think of the contract as the Constitution that can only be altered through an amendment. However, a change to the constitution requires two-thirds majority congress, but in this case, it is a mutual agreement between buyer and seller to alter the contract.