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Bilateral Modification (of a Contract)
A change
that requires the written approval of both
parties to a contract in signatory form.
Bilateral modification is often related to some
alteration of one or more substantive terms of
the contract. See also: Unilateral Modification
(of a Contract).
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Contract Modification
Any written alteration in
specifications, delivery point, frequency of
delivery, period of performance, price,
quantity, or other provisions of the contract,
accomplished by mutual agreement of the
parties to the contract. See also: Amendment,
Authorized Deviation, Change Order, Contract
Amendment.
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Modification
Any written alteration to a provision
of any contract accomplished by mutual
agreement of the parties to the contract. See
Also: Change Order.
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Unilateral Modification (of a Contract)
The right
of one party to a contract to change the
contract pursuant to the change clause of a
contract. A unilateral modification may occur
for two reasons: 1) The right to unilaterally
modify the contract has been given to the
public agency in the contract itself, or 2) The
modification is for a minor purpose. See also:
Bilateral Modification (of a Contract).