Which of the following best describes a contract amendment?

A contract amendment specifically refers to a modification of one or more terms of an existing contract. This process alters certain provisions, which can include changes to pricing, deadlines, scope, or other key elements, while keeping the original contract intact. An amendment enables the parties to adapt to changing circumstances or rectify terms that may no longer be appropriate without starting a new agreement.

Understanding why this is the best definition is key in contract management; it maintains continuity between the parties and upholds the framework of their agreement by adjusting specific aspects rather than nullifying it completely. A modification can take many forms but fundamentally involves making targeted changes rather than broader actions like cancellation or restructuring the parties themselves. This intrinsic flexibility of contract amendments makes them a valuable tool in commercial contracting, facilitating collaboration and adaptability in business relationships.