This means that even if you signed your lease months before moving in, you don`t have to keep the unit clean, pay rent or anything else until your lease actually starts (unless something in your contract determines otherwise). Conversely, you cannot live under the premise until it comes into force. If you choose the term to end in one condition, make sure that the condition is clearly defined, either in that term clause or in a separate appendix to the agreement. A start date is the day activities begin in the contract. This is actually another term for a validity date. While we recommend using the term “validity date,” you can see the concept of start-up from time to time, especially for rental contracts. The “Duration” clause defines the period during which the agreement is effective, subject to a previous termination, in accordance with its terms. Not all agreements have a defined duration (for example. B purchase and sale agreements). But many of those who do will also give one or both parties the right to extend the agreement on one or more additional conditions. The term clause often contains an option for extension. Others, for example. B an end-user license agreement, may simply provide an indeterminate period, with both parties having the right to terminate the contract under defined conditions.
Some service agreements include agreements (for example. B non-competitors and non-disclosure of confidential information) that should go beyond the duration of the agreement. Make sure that the actual duration of these pacts is clearly defined (for example. B in a defined term, “limited period”), and that these alliances are expressly defined in the “survival clause.” But it is misleading to commit to the effectiveness of the agreement on the date the employee will take office, as the agreement will be effective once the parties have signed it. Instead, it is the company`s obligation to pay the employee and the employee`s obligation to work for that salary that starts later, and I would say that in the contract. If you need a defined term to refer you to that day later, I will use something like the start date. First, the validity date is sometimes used to refer to the date indicated in the introductory clause, as in this example – which I have not corrected, even though I have changed the names – of the SEC`s EDGAR database: if the agreement contains the right of renewal, make sure that the terms of renewal are clearly defined.