The Purchase Price Addendum is essential when parties to an existing purchase agreement need to modify the originally agreed-upon price without creating an entirely new contract. This document is commonly used in Canadian business transactions when circumstances necessitate price adjustments due to various factors such as market changes, negotiated modifications, or agreed-upon price corrections. The addendum must comply with Canadian federal and provincial contract laws, ensuring proper documentation of the price change while maintaining the validity of the original agreement. It typically includes references to the original agreement, specifies the new price, outlines any modified payment terms, and confirms that all other original terms remain in effect. This document is particularly crucial for maintaining clear audit trails and ensuring legal compliance in commercial transactions across various industries.
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1. Parties: Identification of all parties to the original agreement and this addendum
2. Background: Reference to the original agreement including date, parties, and subject matter
3. Definitions: Key terms used in the addendum, including reference to definitions in the original agreement
4. Original Purchase Price: Statement of the original purchase price from the main agreement
5. Modified Purchase Price: Clear statement of the new purchase price
6. Effective Date: When the price modification takes effect
7. Payment Terms: Any modifications to payment schedule or terms resulting from the price change
8. Confirmation of Other Terms: Statement that all other terms and conditions of the original agreement remain unchanged
9. Entire Agreement: Integration clause confirming this addendum forms part of the original agreement
10. Execution: Signature block for all parties
1. Reason for Modification: Used when it's necessary to document the reasoning behind the price change
2. Tax Implications: Include when the price change affects tax calculations or obligations
3. Currency and Exchange Rates: Required for international transactions or when dealing with multiple currencies
4. Conditions Precedent: Include if the price modification is subject to certain conditions being met
5. Related Modifications: Used when the price change affects other terms like delivery schedule or quantity
6. Regulatory Compliance: Include when price change triggers specific regulatory requirements or disclosures
1. Schedule A - Price Calculation: Detailed breakdown of how the new price was calculated
2. Schedule B - Payment Schedule: Revised payment schedule reflecting the new purchase price
3. Schedule C - Supporting Documentation: Any relevant documentation justifying the price change
4. Appendix 1 - Tax Calculations: Detailed tax implications and calculations related to the price change
5. Appendix 2 - Currency Conversion Details: For international transactions, details of exchange rates and currency conversions
Relevant legal definitions
Original Agreement
Original Purchase Price
Modified Purchase Price
Adjustment Amount
Effective Date
Payment Terms
Adjustment Period
Business Day
Parties
Closing Date
GST/HST
Applicable Taxes
Payment Schedule
Interest Rate
Currency
Exchange Rate
Adjustment Calculation
Supporting Documentation
Price Adjustment Notice
Condition Precedent
Settlement Date
Original Terms
Modified Terms
Governmental Authority
Applicable Law
Original Purchase Price
Modified Purchase Price
Adjustment Amount
Effective Date
Payment Terms
Adjustment Period
Business Day
Parties
Closing Date
GST/HST
Applicable Taxes
Payment Schedule
Interest Rate
Currency
Exchange Rate
Adjustment Calculation
Supporting Documentation
Price Adjustment Notice
Condition Precedent
Settlement Date
Original Terms
Modified Terms
Governmental Authority
Applicable Law
Clauses
Identification of Original Agreement
Price Modification
Payment Terms
Effective Date
Tax Implications
Currency and Exchange
Conditions Precedent
Representations and Warranties
Amendment
Integration
Governing Law
Further Assurances
Severability
Counterparts
Authorization
Notice
Entire Agreement
Confirmation of Original Terms
Binding Effect
Force Majeure
Price Modification
Payment Terms
Effective Date
Tax Implications
Currency and Exchange
Conditions Precedent
Representations and Warranties
Amendment
Integration
Governing Law
Further Assurances
Severability
Counterparts
Authorization
Notice
Entire Agreement
Confirmation of Original Terms
Binding Effect
Force Majeure
Relevant Industries
Real Estate
Manufacturing
Retail
Technology
Construction
Energy
Agriculture
Automotive
Healthcare
Telecommunications
Mining
Professional Services
Relevant Teams
Legal
Finance
Procurement
Sales
Commercial
Operations
Risk Management
Compliance
Supply Chain
Contract Management
Business Development
Relevant Roles
Procurement Manager
Contract Administrator
Legal Counsel
Chief Financial Officer
Purchase Manager
Commercial Director
Business Development Manager
Finance Manager
Sales Director
Account Executive
Operations Manager
Project Manager
Risk Manager
Compliance Officer
Supply Chain Manager
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