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What is an effective date in a contract?
Contract effective date means the date agreed upon by the parties for beginning the period of performance under the contract. In no case shall the effective date precede the date on which the contracting officer or designated higher approval authority signs the document.
What does it mean by effective date?
An effective date or as of date is the date upon which something is considered to take effect, which may be a past, present or future date. This may be different from the date upon which the event occurs or is recorded.
What does effective date mean on bank statement?
effective date. Date on which a transaction is posted, or an agreement becomes effective. Banking. The time when an expiring Certificate of Deposit is renewed at the current rate, and interest paid is adjusted accordingly. Also, the date on which a bank card becomes valid.
Can an effective date be in the past?
Effective dates are the times when parties to a contract begin their obligations to perform under the contract. An effective date can be a date in the past (backdating) or in the future.
How do you use effective date in a sentence?
That probably pushes it into the early summer as an effective date. The effective date of the Child Citizenship Act is February 27, 2001. This time, the proposed effective date of the revisions is July 3. _Speed up the effective date of income tax cuts enacted last year.
What is the date of a contract?
Date of Contract means the date of signing of the initial or the first Contract for construction of underlying vessel or vessels, as the case may be. Date of Contract Means the date on which this Contract is executed.
How do you write the date in a contract?
In the most formal writing, such as contracts, invitations, plaques and presentation documents, it is usual to write out the entire date in words. Days and months are capitalized, but dates and years are not. . . . On this sixteenth day of June, nineteen hundred and ninety-seven. . .
Does a contract have to have an end date?
English law contracts can (and often are) open-ended. No specific end date is required. When drafting an open-ended contract, be sure to provide for no-fault termination rights for each party.
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