Define: Material Change
a change to the Agreement which may result in variation to the amount of the Fee equal to or greater than the threshold amount at Schedule 3 Part 3 and is therefore subject to the Change Procedure set out in Schedule 4 (Change Procedure);
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a change to the Agreement which may result in variation to the amount of the Fee equal to or greater than the threshold amount at Schedule 3 Part 3 and is therefore subject to the Change Procedure set out in Schedule 4 (Change Procedure);.
Relevant Circumstances
- When a proposed change to a contract crosses a financial materiality threshold
- If the Change Procedure must be followed before the change takes effect
- Where the customer reserves rights to refuse changes above the threshold