The correct way to count contract days
03/21/2017 | Author: TAR Legal Staff
Many people get confused when it comes to counting days in TREC or TAR residential contracts. Use these tips to avoid calendar confusion.
- Days referred to in TREC and TAR residential contracts are calendar days, which means you should count weekends and holidays.
- Most deadlines for performance are measured from the effective date of the contract.
- The effective date is the date on which the last party to sign and accept the terms communicates acceptance to the other party or the party’s agent.
- When the contract uses within, you can determine the last day for performance by starting with the day after the effective date as Day One and counting the number of days specified.
- In most TREC and TAR contract provisions, time is not “of the essence,” so minor deviations from deadlines may not necessarily result in damages or the termination of a contract.
Get more useful information like this in the March 2017 issue of Texas REALTOR® magazine.
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