Endorsement: Definition, Example and Related Terms
What is an Endorsement ?
Moreover, an endorsement can also refer to a written amendment to a contract or policy, such as an insurance policy. This type of endorsement modifies the terms of the original contract, adding, deleting, or altering its provisions. Just like a celebrity endorsement can change public perception of a product, a contractual endorsement can change the terms and conditions of the contract, impacting the rights and obligations of the parties involved.
Example(s)
Scenario Description A tech company adds a clause to its software license agreement, stating that the licensee agrees not to reverse-engineer the software. This is an example of a contractual endorsement. By adding this clause, the tech company modifies the terms of the original software license agreement, explicitly prohibiting the licensee from reverse-engineering their software. This endorsement changes the rights and obligations of the licensee under the contract.