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The Addendum To Change Purchase Price is a critical legal document used in Canadian business and real estate transactions when parties need to modify the originally agreed purchase price in an existing contract. This modification may be necessary due to various factors such as property revaluation, inspection findings, market changes, or mutual agreement between parties. The document ensures legal compliance with Canadian contract law requirements, including consideration and formal documentation of the change. It's particularly important in real estate transactions where price modifications must be properly documented for legal, financial, and regulatory purposes. The addendum typically includes references to the original agreement, clearly states both the original and new purchase prices, and addresses any related terms affected by the price change. This document is essential for maintaining clear records and preventing future disputes regarding the modified terms while preserving the integrity of the original agreement.

1. Parties: Identification of all parties to the original purchase agreement and this addendum

2. Background: Reference to the original purchase agreement including its date and brief description of the need for price modification

3. Definitions: Key terms used in the addendum, including reference to definitions from the original agreement

4. Original Purchase Price: Statement of the original purchase price from the existing agreement

5. New Purchase Price: Clear statement of the new agreed purchase price

6. Payment Terms: Updated payment schedule or terms reflecting the new purchase price

7. Effect on Original Agreement: Statement that all other terms and conditions of the original agreement remain unchanged

8. Governing Law: Confirmation of the applicable law governing the addendum

9. Execution: Signature blocks for all parties and date of execution