Glossary
Contract amendment
A signed modification to an executed contract's terms — see Amendment for the general definition; this term specifically refers to amendments made to the core master service agreement rather than a project-level SOW.
A signed modification to an executed contract's terms — see Amendment for the general definition; this term specifically refers to amendments made to the core master service agreement rather than a project-level SOW.
Example
An agency's MSA is amended to change the payment terms from Net 30 to Net 15 across all current and future client engagements under that contract.
Why it matters for agencies
Because an MSA typically governs multiple SOWs or projects, a contract amendment to it has broader reach than a change to a single SOW — worth distinguishing when an agency needs to decide whether a change belongs at the MSA level or the project level.