Business Glossary

Business Definition for: amendment

Dictionary of Finance and Investment Terms

amendment

addition to, or change, in a legal document. When properly signed, it has the full legal effect of the original document.

Dictionary of Business Terms

amendment

addition to or change in a legal document. When properly signed, it has the full legal effect of the original document.

Dictionary of Banking Terms

amendment

addition, deletion, or change to a legal document. All parties to the agreement must formally consent to an amendment by signing it. Only then does the amendment become an integral part of the document, binding on all parties to the original agreement.

Dictionary of Insurance Terms

amendment

provisions added to an original insurance policy that alter or modify benefits and coverages of the contract. For example, a homeowners insurance policy can be endorsed to cover a secondary dwelling; perils can be added for coverage.

See also rider , endorsement

Dictionary of Real Estate Terms

amendment

change, correction, or extension of an agreement that does not modify the basic thrust of the agreement.

Example: Lease amendments were used to:

Renew the lease for an additional term
Change the percentage rent requirement
Clarify the tenant's defined parking area

Related Terms:

rider

written form attached to an insurance policy that alters the policy's coverage, terms, or conditions. For example, after buying a diamond bracelet, a policyholder may want to add a rider to her homeowner's insurance policy to cover the jewelry.

endorsement

signature on a draft or check by a payee before transfer to a third party. A payee provides such an endorsement when transferring this draft to the payee's bank. Checks can be endorsed in three different ways. In a blank endorsement, once signed, it becomes a negotiable instrument and can be used as such by anyone. A restrictive endorsementlimits the use of the check to a single purpose. "For deposit only" is written on a check when it is deposited by mail. If the check is lost in the mail and subsequently found, it cannot be cashed. A special endorsementis used to pay someone else. All that is required is to indicate the payee and sign.

Copyright © 2006, 2003, 1998, 1995, 1991, 1987, 1985 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2000, 1995, 1991, 1987 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.

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Business Glossary

Business Definition for: amendment

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