Dates and Periods Sample Clauses
The "Dates and Periods" clause defines how timeframes, deadlines, and durations are calculated and interpreted within a contract. It typically specifies the method for counting days (such as calendar or business days), how to handle events that fall on weekends or public holidays, and when obligations or rights begin and end. This clause ensures that all parties have a clear and consistent understanding of timing requirements, reducing the risk of disputes over deadlines or performance periods.
Dates and Periods. Refers to Clause 1.3 of the Schedule and:
Dates and Periods. A payment is scheduled to occur at a specified time if it is a lump sum payment on a specific date, or a specific, objectively determinable date, including following the lapse of a substantial risk of forfeiture. A payment is scheduled to occur on a fixed schedule if it is a series of payments (which may include an annuity or a series of installments) payable on specific dates or on objectively determinable specific dates including following the lapse of a substantial risk of forfeiture. The designation of a Taxable Year of the Participant, or a defined period within a Taxable Year of the Participant, in which payment will occur is adequate designation of a specific date. For purposes of Sections 4.02 and 4.05, if the date specified is only a designated Taxable Year of the Participant, or a period of time during such a Taxable Year, the date specified under the plan is treated as the first day of such Taxable Year or the first day of the period of time, as applicable.
Dates and Periods