What is an 'amendment' in contract law?

In contract law, an amendment refers to a formal change or addition made to the terms of an existing contract. This process allows the parties involved in the contract to modify specific provisions to better reflect their intentions or adjust to changing circumstances. Amendments can address various aspects, such as deadlines, pricing, specifications, or any other terms originally agreed upon.

This definition highlights the importance of amendments in maintaining contractual relationships. They help ensure that the contract remains relevant and aligned with the parties’ needs, fostering clarity and reducing the likelihood of disputes over outdated or misinterpreted terms.

In contrast, the other options do not accurately capture the essence of an amendment. A summary of the contract's benefits does not involve changes to the actual contract terms. A performance assessment is not related to modifying the contract but rather evaluating how well the parties are fulfilling their obligations. Finally, a process for terminating a contract is entirely different from amending it, as it deals with ending the legal agreement rather than modifying its content.