A side letter agreement is a legally binding document that is usually attached to a main contract. It is executed by two parties who intend to supplement or modify the terms of the main agreement. This document may cover a wide range of issues, including confidentiality, termination, payment terms, employment, and so on.
A side letter agreement may be used when parties want to modify a specific part of a contract without altering the entire agreement. This document is an effective way to ensure that both parties` intentions are reflected accurately and clearly. It is also useful when parties want to include additional provisions that were not initially included in the main agreement.
To help you write a side letter agreement, we have put together a sample that can be tailored to your specific needs. It is important to note that this is just a sample and should not be used as legal advice.
Sample Side Letter Agreement
This Side Letter Agreement (the “Agreement”) is entered into by and between [Party A] and [Party B] (collectively, the “Parties”) on [Date].
The Parties entered into [Name of Agreement] (the “Agreement”) on [Date], which sets out the terms and conditions relating to [General Purpose of the Agreement].
2. Purpose of the Side Letter Agreement
The Parties wish to supplement and clarify certain provisions of the Agreement by entering into this Agreement.
3. Amendment to the Agreement
The parties agree to amend the Agreement as follows:[Insert specific provisions to be amended or added]
4. Miscellaneous Provisions
This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior negotiations, understandings, and agreements between the Parties, whether oral or written. This Agreement may only be amended by written instrument executed by both Parties. This Agreement shall be binding upon and enforceable against the Parties, their respective successors, and assigns.
5. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [State/Country] without regard to principles of conflict of laws.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.[Insert Party A Signature Block] [Insert Party B Signature Block]
In conclusion, a side letter agreement is a useful tool that can help to supplement or modify a main contract. Whether you are a small business owner, a freelancer, or a lawyer, having a well-drafted side letter agreement can save you from potential legal disputes in the future. If you need help drafting a side letter agreement, contact a trusted attorney or seek assistance from an online legal platform.