Deed of variation template
Use this deed of variation template next time you want to update a business contract.
Use this deed of variation template next time you want to update a business contract.
If you need to alter a contract that's already been executed, you don't have many options. This is where a Deed of Variation can help.
Use this detailed guide to find out what a Deed of Variation is, how it works, and what a Deed of Variation template should include.
A Deed of Variation (DoV), also known as a Deed of Amendment or Deed of Change, is a legal instrument that allows modifications to be made to a previously settled contract or agreement. It's a flexible tool that can be used to modify various kinds of contracts, from business agreements to personal contracts, without terminating or fully rewriting the original agreement.
In many countries, the most common application of a Deed of Variation is to alter an individual's will after their death.
The primary purpose of a Deed of Variation is to enable changes to a pre-existing contract without completely rewriting or terminating the original agreement.
It provides a legal and formal method to modify agreements in response to changes in circumstances; to correct errors; or to add or remove terms based on the parties' changing needs. This flexibility helps maintain the relevance and efficacy of the original contract.
You might need to use a Deed of Variation in several scenarios, such as:
Usually, a Deed of Variation is created by a legal professional or a party to the original agreement who has the authority to make changes.
In a business context, this could be a legal officer, contracts manager, or anyone else responsible for managing legal documents within the organization.
In a personal context, like a Deed of Variation to amend a will, the beneficiaries, as well as any parties affected by the change to the will, would likely need to sign the Deed of Variation too. You should always seek legal advice in situations like these.
Drafting a Deed of Variation requires precision and attention to detail. Here are some key points to consider:
A well-drafted Deed of Variation template should include the following elements:
The document should have a clear title that indicates its purpose, followed by an introductory paragraph identifying the parties involved and a reference to the original agreement being modified.
This section should detail the original agreement's date, parties involved, and its main purpose. It should also include a statement that all parties wish to vary the agreement.
The changes to the contract should be detailed comprehensively in this section. It's important to be explicit about which clause(s) or section(s) of the original contract are being modified, added, or removed.
This section should clarify that all terms and conditions not explicitly varied by the Deed of Variation continue in full force and effect, maintaining the validity of the original agreement.
It's important to state the governing law of the Deed of Variation. This is typically the same as the original agreement unless otherwise agreed by the parties.
This is where the parties sign the document. It's crucial to include a space for each party's signature, printed name, title, and the date of signing. The execution clause should also specify that the parties are signing the deed voluntarily and intend to be legally bound by it.
If the variations are extensive or if additional documents are referenced in the Deed of Variation template, it's practical to include a schedule or appendix.
Remember, the precise content of a Deed of Variation can differ depending on the nature of the original agreement and the specific changes being made. Always consult with a legal professional to ensure your Deed of Variation meets the necessary legal and contractual requirements for your particular situation.
The first step is identifying the need for a change in the agreement. This could stem from changes in business circumstances, a need to correct errors in the original agreement, or a desire to add, alter, or remove specific clauses.
Once the need for a variation is identified, all parties to the agreement should be consulted. This is to ensure everyone is in agreement about the proposed changes and to discuss the implications of the variation. If you fail to do this early on, you'll probably find yourself with a Deed of Variation that the counterparty refuses to sign.
The next step is to draft the Deed of Variation template. This document will reference the original agreement and detail the precise changes being made. It must be drafted with precision and clarity to prevent any misinterpretation.
It also needs to make sure all of the components we described above are present, which is why it's worth using a deed of variation template.
The draft Deed of Variation is then circulated to all parties for review. It's often shared via email as a static file, downloaded, redlined in Word, and sent back and forth until the revisions are agreed. This can involve multiple rounds of feedback and negotiations to reach a consensus on the changes.
It's a good practice to have the document reviewed by a lawyer or a legal expert. This is also known as contract review and approval. Legal teams can ensure the deed is legally sound, that the changes are enforceable, and that it doesn't violate any laws or regulations.
Once all parties agree to the changes, the Deed of Variation is signed and dated. This is a crucial step, as the signing of the document makes the changes legally binding. This was traditionally done using wet ink signatures, or scanned signatures. Today, most businesses rely on eSigning solutions like DocuSign or Adobe Sign instead.
Copies of the signed Deed of Variation are distributed to all parties for their records. This is important for transparency and future reference. It also helps to ensure that parties perform the revised terms of the agreement, not the old ones.
The original signed Deed of Variation is stored securely, often in a physical file or as a scanned copy on a secure server. It's important that the document is easily retrievable for future reference or in case of any disputes.
Your work isn't finished post-signature. The changes made by the Deed of Variation are then implemented. The effectiveness of these changes should be monitored to ensure they're achieving the desired outcome.
But a manual process like this can be labor-intensive and time-consuming, especially for complex agreements or where multiple parties are involved. Fortunately, automated contract management systems, like Juro, can streamline this process significantly, enabling quicker turnarounds, greater accuracy, and easier tracking of changes. Let's explore this improved workflow now.
Juro's AI contract collaboration means you don't have to copy and paste from PDF templates. Instead you can automate contracts like Deeds of Variation in moments from digital templates. This can simplify and streamline the process of creating and managing routine contracts. Here are the key features.
In Juro's unique editor, purpose-built for contracts, you can create robust contract templates which can then be used to automate agreements like a Deed of Variation. These are designed to maintain legal accuracy, whilst allowing you to vary key fields (names, addresses, dates and so on) using a simple Q&A. This significantly reduces the time spent drafting documents from scratch.
Juro's platform enables all parties to collaborate internally in real-time, within the same document. This eliminates the need for circulating multiple versions of a document and reduces the risk of miscommunication or error.
Using Juro, you can automate the contract lifecycle from creation to execution. You can set up automated approval workflows that ensure the right people review and sign off on the Deed of Variation, making the approval process quicker and more efficient.
With Juro’s smart fields, you can ensure that key details, such as party names, dates, and the specific clauses being varied, are always accurate and updated. This minimises the risk of error and streamlines the contract drafting process.
Juro offers secure, legally binding eSignatures, eliminating the need for physical signatures. This speeds up the contract signing process and makes it possible for parties in different locations to sign the Deed of Variation simultaneously. Juro users and their customers can also sign contracts on a variety of devices, and you have the option to sign in DocuSign if you prefer.
Juro securely stores all your contracts in one place, making them easily accessible and searchable. It also maintains a version history, allowing you to track all changes made to a contract, which is particularly useful when managing Deeds of Variation.
Juro offers detailed analytics, providing insights into your contract processes. You can use these insights to identify bottlenecks and areas for improvement, making your contract workflows more efficient.
By leveraging Juro's collaborative contract management platform, you can make the process of creating and managing a Deed of Variation significantly smoother, faster, and more efficient, all while reducing the risk of human error. To find out more and see the platform in action, hit the button below.
Juro is the #1-rated contract platform globally for speed of implementation.