Annex: Definition, Example and Related Terms
What is an Annex ?
An Annex, in the world of contracts, is like a sidekick to the main superhero, the contract. It's an additional document or item that is attached to a contract or agreement. It's not there just for fun or decoration, but to provide extra information or details that are important to the contract. It's like the bonus features on a DVD or the extra toppings on a pizza. They aren't the main show or the main meal, but they add extra value and detail that make the whole thing better and clearer.
Here's an interesting fact: The term 'annex' comes from the Latin word 'annexus' which means 'to connect or bind'. So, in a way, an annex is literally a piece of paper that 'binds' or 'connects' more information to the main contract. It's like a bridge that connects the main contract to additional information that's important for the contract to make sense and work properly.
Example(s)
Example Description Technical Specifications The technical specifications of a product might be provided in an annex to the contract. This could include details like size, weight, color, materials used, and any other technical details that are important for the product. Payment Schedule A payment schedule could be provided as an annex to a contract. This would outline when payments are due, how much each payment will be, and how the payments should be made. List of Approved Suppliers In a contract for a construction project, there might be an annex that lists approved suppliers. This would include the names of companies that are approved to provide materials for the project.