Side agreements are typically known as addendums or amendments to the main agreement. These agreements are designed to modify certain aspects of the original contract and are usually created to address issues that were not initially considered. Side agreements can be beneficial in certain circumstances, but they can also complicate matters if they are not handled properly.

When drafting a side agreement, it is important to clearly outline the changes being made and ensure that all parties involved understand the implications of the modifications. This includes specifying the terms and conditions of the amendment, as well as outlining any additional obligations or responsibilities that may arise as a result of the changes.

One common use for side agreements is in the context of employment contracts. Employers may use side agreements to modify the terms of an employee`s compensation package or to clarify certain benefits or obligations that were not addressed in the original contract. For example, an employer may create a side agreement to provide non-monetary benefits such as additional vacation time or flexible work arrangements.

Another common use for side agreements is in the context of real estate transactions. Buyers and sellers may use side agreements to modify the terms of the purchase agreement, such as extending the closing date or specifying certain repairs that must be completed prior to the transfer of ownership.

Regardless of the specific context in which a side agreement is used, it is important to ensure that the agreement is legally binding and enforceable. This may require consultation with an attorney or other legal expert to ensure that the agreement is properly drafted and executed.

In conclusion, side agreements are an important tool for modifying and clarifying the terms of a contract. However, they must be handled with care and attention to detail in order to avoid creating additional complications or legal issues. By working with experienced legal professionals and ensuring that all parties understand the implications of the modifications, side agreements can be a helpful tool in achieving a successful outcome for all parties involved.