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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Addendum


Synonyms:addition, attachment, rider, supplement
Filed Under: legal-contracts
Tags: contract, legal
 

Definition of addendum

addendum
1. A change, revision, addition or update made to a contract.
2. An addendum is a supplemental document that contains additional pertinent information specific to an existing document. For example, appraisers add an addendum to further explain items for which there was inadequate space on the standard appraisal form. Mortgage lenders may include an addendum advising borrowers of additional characteristics for a mortgage loan they are applying for.

Related Terms and Acronyms:

  • change order   A document defining an alteration of construction plans.
  • contract   An agreement between two or more parties that can be enforced by law.
  • indefeasible   That which cannot be forfeited or done away with. Indemnity Protection or exemption from loss or damage.
  • insurance policy   A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
  • modification   A change in terms of the loan agreement.
  • policy declarations   The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.

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