Amendments are where contract data most often breaks, because they are typically negotiated in a document and applied to a system by re-keying. The effective date is the detail that gets lost — an amendment applied on the day it was processed rather than the day it took effect silently misprices everything in between.
Contracts
Amendment
A formal change to an executed agreement, creating a new version with its own effective date.
Related terms
Contract lifecycle management (CLM)
Managing a commercial agreement from drafting through negotiation, execution, amendment, renewal and expiry.
Contract drift
The divergence between the terms actually signed and the terms the systems are operating on.
Redline
Proposed changes to a contract shown inline with attribution, so each party can see exactly what the other altered.
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