This practice note covers the following key areas:

• Agreements by the parties to vary the original agreement, including the necessary requirements for the variation to be effective. This includes, among others, discussions regarding formalities, consideration, third party rights and guarantees.
• The effectiveness of clauses that seek to restrict how a future variation may be undertaken.
• The ways in which variation is different to other means of changing the parties' rights and obligations. This includes discussions with respect to waiver, change control mechanisms, material and non-material alterations by one party, variation to correct a mistake, express variation and implied terms and more.

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