The "Period of Duration" clause in a contract specifies the length of time the agreement will remain in effect, detailing the start and end dates, and any conditions under which the duration may be extended or shortened. This clause is crucial for establishing the temporal boundaries and can also include provisions for automatic renewal or termination based on certain criteria.
The term 'Period of Duration of a Utilization' indicates a period, selected by the Recipient in the relative Utilization Request, of 1 (one) month, 3 (three) months or 6 (six) months, starting on the relative Date of Utilization (incl.) of a particular Utilization and ending on the Date of Expiry of the same (incl.) without prejudice to the fact that in the case of failure to make a choice on the part of the Recipient this period will have a duration of six months.
If the corporation’s period of duration is less than perpetual, state the date on which the period of duration expires: _____________________
The period of duration of the limited liability company shall be perpetual.
PERIOD OF DURATION. The Corporation shall exist in perpetuity from and after the date of filing these Articles of Incorporation with the Secretary of State of the State of Nevada unless dissolved according to law.
PERIOD OF DURATION. This Corporation is to have A PERPETUAL existence.
Consent to Lender’s Actions. Guarantor consents and agrees that, without notice to or by Guarantor, and without affecting or impairing the obligations of Guarantor hereunder, Lender may compromise or settle, extend the period of duration or the time for payment or discharge or performance of, or may refuse to enforce or may release any party to any and all of the Obligations, or may grant other indulgences to Debtor in respect thereof, or may amend or modify in any manner any documents or agreements relating to such Obligations (other than this Continuing Guaranty) or may release, surrender, exchange, modify, impair, or extend the period of duration or time for performance, discharge or payment, of any and all deposits and other property securing the Obligations or on which Lender at any time may have a lien, or may refuse to enforce its rights, or may make any compromise or settlement or agreement therefor, in respect of any and all of such deposits and property, or with any party to the Obligations, or with any other person, firm or corporation whatsoever, or may release or substitute any one or more of the endorsers or guarantors of the Obligations , whether parties to this instrument or not, or may exchange, enforce, waive or release any security for any guaranty of the Obligations. Guarantor consents and agrees that Lender shall be under no obligation to marshal any asset in favor of Guarantor, or any of them, or against or in payment of any or all of the Obligations.
Period of duration: perpetual. This is referring to the length of time the corporation intends to exist and not the length of time it has been in existence. The most common term used is "perpetual."
The “Period of Duration” refers to a specific time frame set within a contract during which the terms and obligations outlined in the contract are in effect. It defines the start and end date of the contract, thereby setting the length of the agreement and stipulating when the rights and duties of the involved parties commence and terminate.
You should use the “Period of Duration” when drafting or reviewing a contract to clearly establish the timeline for which the contract is effective. This is essential in providing legal clarity and ensuring that all parties involved understand when their obligations and rights under the agreement start and conclude. It is crucial for:
When writing a “Period of Duration” clause, you should ensure clarity and specificity. Include precise start and end dates, and consider mentioning any conditions or events that might affect the commencement or termination of the contract. Here’s a basic structure:
“This Agreement shall commence on [Start Date] and shall remain in effect until [End Date], unless terminated earlier pursuant to the terms of this Agreement.”
You may also want to include provisions for renewal or extension if applicable:
“The term of this Agreement may be extended by mutual written consent of the parties for [State Duration], subject to terms agreed upon at the time of renewal.”
“Period of Duration” clauses are commonly found in a variety of contracts, including but not limited to:
These clauses are integral to contracts that require temporal certainty and align the expectations of all parties involved regarding timing and fulfillment of contractual duties.
Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
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Try our AI contract analysis and extract important clauses and information from existing contracts.
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