BILATERAL MODIFICATION Meaning and
Definition
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Bilateral modification refers to the act or process of making changes or alterations that affect two parties involved in an agreement, contract, or any kind of legally binding agreement or relationship. It involves making adjustments or amendments to the terms, conditions, or provisions agreed upon by both parties in order to accommodate new circumstances or requirements.
This term commonly applies to bilateral contracts, which are agreements entered into by two parties, each with reciprocal obligations and rights. Bilateral modification allows the parties to adapt or revise the terms of the contract to suit changing conditions or to resolve potential conflicts or disputes.
Bilateral modification can involve various aspects of the contract, such as adjusting the time frame for performance, revising financial terms, modifying delivery or service requirements, or changing limitations or exclusions. The modifications can be initiated and agreed upon by both parties, or they can be a result of negotiations or mediation, especially when disagreements arise.
This process typically requires mutual consent and acknowledgement from both parties involved. Generally, any modification made should be well-documented and, in many cases, formalized through a written agreement or a legally binding addendum.
In summary, bilateral modification refers to the process of making changes to a contract or agreement that affect both parties involved. It allows for adaptations to the original terms to accommodate changing circumstances or resolve conflicts while maintaining the mutual consent and agreement of both parties.
Etymology of BILATERAL MODIFICATION
The word "bilateral" is derived from the Latin word "bilateralis", composed of "bi-" (meaning "two") and "latus" (meaning "side"). The term "modification" comes from the Latin word "modificare", which means "to make different" or "to change". So, "bilateral modification" refers to a change or alteration that is happening on two sides or aspects simultaneously.
