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An Amendment to Agreement of Purchase and Sale is utilized when parties need to modify terms of an existing purchase and sale agreement without creating an entirely new contract. This document type is crucial in the Philippine business environment where changing market conditions, regulatory requirements, or party circumstances may necessitate adjustments to original agreements. It must comply with Philippine contract law, particularly the Civil Code of the Philippines and relevant commercial regulations. The amendment typically addresses specific changes such as price adjustments, payment schedules, delivery terms, or property specifications, while explicitly maintaining all unmodified terms of the original agreement. This document is particularly important in both corporate and individual transactions, requiring careful attention to legal formalities and proper execution to ensure enforceability.
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