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Contract
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Contract
documents
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Exhibit A
An exhibit is an additional document attached to the end of a lease or contract. An exhibit frequently will include form documents ancillary to the main contract, such as agreed-upon closing documents attached to a real estate purchase contract or documents a tenant must sign, such as a lease guaranty.
Sometimes, exhibits are used to expand upon information in the contract, such as when a real estate legal description is attached as an exhibit to clarify what property is the subject of the contract. Exhibits should be finalized when a contract is signed but exhibits generally should not be signed when the contract is signed.
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Schedules
A schedule is also an attachment to the end of the contract. However, schedules usually consist of information important to the contract terms. Schedules frequently include lists or other information that would clutter up a contract and are easier to read in a list or tabular format.
For instance, a schedule to a lease might include a list of known problems with the property and repairs the landlord has agreed to make. In a service contract, a schedule might consist of a price list or a list of services to be provided.
Schedules should be agreed to when the contract is signed but generally need not be signed themselves. Since schedules include information essential to the contract, the contract should state that all schedules are incorporated into the contract.
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Addendum
An addendum is also attached to the end of the contract that expands upon its terms. Addenda usually are signed, or at least the form of the addendum is agreed-upon when a contract is signed, and they should be signed separately from the contract itself.
For instance, if a tenant under a residential real estate lease has a pet, it is common to see a “pet addendum” in which the tenant agrees to clean up after their pet and pay an extra pet deposit pet fee. An addendum might also change a pre-printed form contract where the parties have agreed to something that differs from the printed form. This type of addendum is commonly used in a residential real estate purchase contract to add contract contingencies, deadlines, or other requirements that aren’t contemplated in the standard form contract.
Another common use of addenda is where the parties have a master agreement, which generally governs their business arrangement but plan to include specific purchases under the master contract from time-to-time. This is common in the real estate management field, where a property manager may have a master contract with a software provider and then enter into an addendum for each specific property being managed.
Ammendment
An amendment changes the contract terms and is signed after the contract or lease is signed. Although amendments aren’t at the end of a contract when signed, some people attach amendments to the back of the contract they modify.
An amendment will refer to specific sections of the contract or lease being amended and will explain how those provisions are being changed. An amendment can have its own exhibits or schedules. Or an amendment may modify exhibits or schedules to a contract.
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