What does "contract modification" refer to?

Contract modification refers to an agreed-upon change to an existing contract that impacts its terms, scope, or funding. This can include alterations in various aspects of the contract, such as changing deliverables or extending timelines, which all require mutual consent from both parties involved. The process of modifying a contract ensures that it remains relevant and practical as circumstances or needs evolve.

In contrast, cancellation of a contract involves terminating the agreement entirely, which does not reflect any modification but rather a complete cessation of obligations. A new contract unrelated to the previous one indicates the creation of an entirely separate agreement, again not aligning with the definition of a modification. Lastly, limiting changes to only contract duration does not encompass the full scope of modifications possible, which can cover a wide range of terms and conditions beyond just time frames.