Variation meaning

General partners Does the limited partnership agreement permit the appointment of a new general partner? If so, what steps must be followed? If not, which additional documents are needed (for example, a deed of variation)? Will the current general partner step down or be removed from office? Please state the name and address of the incoming general partner...

This Checklist This Checklist sets out the questions to address when you are looking to enforce a third party’s rights under a contract. The common law doctrine of privity of contract states that, as a general principle, an agreement cannot grant rights or impose duties created by its terms on anyone other than its parties, with the result that a person who is not a party ordinarily has no standing to enforce it. There are, however, situations in which a contract appears to bestow a benefit on a third party (or on several third parties), and those beneficiaries may wish to seek enforcement of that advantage. In such circumstances, attention should be given to the recognised exceptions to the privity rule-see Practice Note: Third party rights-the common law doctrine of privity of contract. One prominent exception is the ability to enforce third party rights by relying on the Contracts (Rights of Third Parties) Act 1999 (C(RTP)A 1999). This Checklist identifies the questions to ask when considering whether to rely...

Planning conditions and planning obligations often limit both what development may take place and the way it is carried out on the land or buildings to which they apply. See Practice Notes: Planning conditions—key points and Planning obligations—key points. Planning obligations Agreements made under section 106 of the Town and Country Planning Act 1990 (commonly called section 106 agreements, or planning obligations) control the use of land and bind successors in title. They are recorded as local land charges. The agreement should specify the land it binds by reference to an attached plan, which will usually mirror the planning application site boundary for the related development. A section 106 agreement is typically concluded before the decision notice granting planning permission is issued. How are planning obligations revealed? Review the outcome of the local land charges search (LLC1). Planning obligations are registrable as local land charges. From 12 April 2015, HM Land Registry has responsibility for the local land charges register. Transitional provisions permit HM Land Registry...

The EU’s General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) Is directly applicable and fully enforceable across EU and EEA states. This Flowchart centres on personal data breach notification under the EU GDPR...

Introduction This Practice Note outlines the process for Variations under the 1999 FIDIC Red, Yellow and Silver Books where a Variation is directed by the Engineer or Employer, where the Engineer or Employer seeks a proposal for a Variation, or where the Contractor initiates a change through value engineering. For further information on Variations under the 1999 forms, see Practice Note: FIDIC contracts (pre‑2017 editions)—variations. Variations are principally addressed in clauses 13.1 to 13.3, which define the entitlement to vary the Works and the steps to be taken to implement those changes...

Representation of Zedra Trust Company (Suisse) SA re C and D Trusts [2023] JRC 213 What are the practical implications of this case Although resolved on its own facts, the court offered broadly useful guidance for trustees managing dynastic trusts intended to support multiple generations. As a family’s philosophy evolves, trustees should assess whether the trust still embodies that shift and, if not, consider whether substantive modifications are required. The ruling will interest practitioners as it confronts public policy and human rights considerations within the framework of trust deed provisions and settlors’ expressed wishes. It underlines that letters of wishes are not binding on trustees, and certainly not on the court, and demonstrates judicial backing for a trustee departing from a settlor’s clear wishes to prevent family discord, here arising from the exclusion of the female line from benefitting from the Trusts. In short, the decision encourages trustees of long‑running family trusts to think carefully about alignment with changing family...

In this issue Security Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Claims and remedies Daily and weekly news alerts Updated Practice Notes Useful information Security HM Land Registry has revised Practice Guide 29—Registration of legal charges and deeds of variation of charge. An update to section 4 now explains how to remove a note recorded in the charges register pursuant to section 859H of the Companies Act 2006. See: LNB News 06/05/2025 2. Source: Registration of legal charges and deeds of variation of charge (PG29). Sustainable finance The European Commission has opened a call for evidence to review the Sustainable Finance Disclosures Regulation (EU) 2019/2088 (EU SFDR). The initiative targets unnecessary burdens by simplifying and streamlining obligations, including easing environmental, social and governance reporting for financial market participants so they can focus on information most relevant to investors. Responses are requested by 30 May 2025, and the feedback will guide...

See Q&A: A and B are beneficiaries under a Will, and B holds a life interest in a property. A now wishes to sell the property and split the net sale proceeds equally with B. How can A bring B’s life interest trust to an end? B has learning difficulties. It is understood the Will directs that certain assets are to be held on trust for B (the sister) for life, with the remainder to pass to A (the client). Where every beneficiary of a trust is of full age and has mental capacity, they can jointly require the trust to be terminated and the assets transferred to them accordingly...

Consumer protection legislation applies to businesses generally and to the regulated financial services sector This Practice Note explores the obligations on firms authorised by the Financial Conduct Authority (FCA) under the Financial Services and Markets Act 2000 (FSMA 2000) (herein referred to as ‘firms’) to comply with a central element of consumer protection law, the Consumer Rights Act 2015 (CRA 2015), together with its predecessor, the Unfair Terms in Consumer Contracts Regulations 1999, SI 1999/2083 (UTCCRs). In addition to these statutory duties, firms must follow the FCA’s regulatory rules and take account of guidance relevant to unfair contract terms. Under the CRA 2015, the FCA may challenge firms regarding the fairness and/or transparency of contractual terms and notices in financial services consumer contracts (whether in standard form or individually negotiated) entered into from 1 October 2015. Under the UTCCRs, the FCA may challenge firms regarding the fairness or transparency of contractual terms in standard form financial services contracts entered into before 1 October 2015. ...

What is a CVA? A company voluntary arrangement (CVA) is a form of insolvency that permits a company to enter a binding agreement with its creditors to compromise unsecured debts or otherwise agree how its affairs are handled. The directors continue to run the business, under the oversight of an insolvency practitioner. Retailers, particularly those with extensive property portfolios, frequently adopt so‑called ‘landlord CVAs’ to reset rental commitments and shut loss‑making stores. This note outlines how property law and landlord and tenant considerations may emerge under such a CVA. It highlights provisions commonly included in CVAs and explains how they tend to work in practice. Nevertheless, each CVA will vary according to the precise terms proposed. It is therefore vital to examine the CVA proposal carefully to assess its effect on creditors. This note does not provide detailed guidance on the mechanics of approving and implementing a CVA. For Practice Notes addressing the CVA procedure, see: Company voluntary arrangements—an introductory guide The CVA proposal and...

For guidance on what deferred prosecution agreements (DPAs) are and how they work, see Practice Note: Deferred prosecution agreements, which explains their operation. In what circumstances can a DPA be varied? The statutory power to amend a DPA sits squarely in paragraph 10 of Schedule 17 to the Crime and Courts Act 2013 (CCA 2013) itself. A DPA may require alteration in two situations: where the court invites the parties to vary the DPA under CCA 2013, Sch 17 Pt 1, para 9(3)(a), namely where the organisation has breached the agreement and the court wants the parties to put forward proposals to cure the organisation’s non-compliance, by agreement between the parties as invited by the court, accordingly (see Practice Notes: Financial penalties as a term of a DPA—Late payment and breach of a DPA and Breach of a DPA) where a variation is required to prevent the organisation failing to comply with its obligations in circumstances that were not, and could not reasonably...

This Agreement is dated [ date ] Parties [ insert name of the pursuer ], a company registered in Scotland (no [ insert company number ]), whose [ registered office OR principal place of business ] is at [ insert address ] (the Pursuer) [ and ] [ ; ] [ insert name of defender ], a company registered in Scotland (no [ insert company number ]), whose [ registered office OR principal place of business ] is at [ insert address ] (the Defender). Each being a Party and, together, the Parties. Whereas (A) [ Insert details of the background to the dispute eg ‘The Parties entered into a contract for the supply of certain goods etc ]. (B) A dispute has emerged between the Parties regarding [ insert details of the dispute ] (the Dispute). (C) [ Proceedings were raised by the Pursuer against the Defender on [ date ] by way of [ Summons OR...

Variations can also push back the completion date, and may give the Claimant a right to extra time and to prolongation costs. These elements of a variation claim are commonly pursued separately, as an extension of time claim and a prolongation costs claim. By way of illustration, the principal JCT forms provide distinct procedures: one for pricing the changed work, and another for evaluating loss and expense arising from the variation’s effect on the progress of the works (see Practice Note: JCT contracts—variations — Valuing variations under JCT contracts). Accordingly, Claimants should take care not to ‘double dip’ across the separate elements of the claims. No. Description of Variation Claimant’s case Defendant’s response Judge/Tribunal comments The Claimant intended to adopt slab foundations for block A, as depicted on the Claimant’s drawing reference XX dated XX. By email dated XX, the Defendant directed the use of piled foundations for block A...

This Agreement is entered into on [ date ] Parties [ Insert name of party ] [ of OR a company incorporated in England and Wales under number [ insert registered number ] with its registered office at ] [ insert address ] (Party 1); and [ Insert name of party ] [ of OR a company incorporated in England and Wales under number [ insert registered number ] with its registered office at ] [ insert address ] (Party 2), each of Party 1 and Party 2 being a party and, together, the parties. BACKGROUND Party 1 supplies [ insert description of goods and/or services ]. Party 2 supplies [ insert description of goods and/or services ]. The parties intend to submit a Bid as a joint tender to the Customer in answer to the Invitation to Tender. The parties seek to state their obligations and manage their rights concerning the Bid and, if the...

Section 38 agreements These agreements fall under section 38 of the Highways Act 1980; refer to Practice Note: Highways—adoption agreements. There is no statutory route by which agreements can be ended or ‘cancelled’. However, a section 38 agreement may, in principle, be altered by a deed of variation, but this requires consent of all parties to the original agreement...

A nil-rate band discretionary trust A nil-rate band discretionary trust is a common method for reducing inheritance tax. It typically concerns property held by two people (most often a husband and wife as co-owners). They must own the home as beneficial tenants in common, meaning that any existing beneficial joint tenancy has to be broken. Each then executes a Will so that their share of the property, up to the inheritance tax nil-rate band, is directed not to the spouse but into a discretionary trust. The usual discretionary beneficiaries are the surviving spouse and the children. Instead of the survivor taking outright the other’s share of the property (whether by survivorship where it was a beneficial joint tenancy or by a legacy), the trust retains that share and, on the death of the survivor, the portion within the trust does not fall into the estate for inheritance tax purposes...

Acquisition or appropriation of remainderman's interest Under a life interest trust, the life tenant is entitled to live in the property or take the income it produces. The scenario assumes the life tenant might acquire the remainderman’s interest in the property, thereby converting their position into an absolute interest. In such a case, the remainderman would receive cash in exchange for their reversionary interest. Where the Will trust does not confer an express power on trustees to reallocate or modify beneficial interests, the life tenant and the remainderman may agree a variation pursuant to the rule in Saunders v Vautier, so long as they are both of full age and have capacity. This route is unavailable if any minors or unborn persons have, or may have, an interest under the trust. If there are potential beneficiaries of that kind, an application can be made to the court to approve the arrangement under the Variation of Trusts Act 1958. For further guidance, see: Termination of trusts—overview...