[SIZE=3]TIME’S UP[/SIZE]
[SIZE=3]Prescription and How Legally To Tell Time[/SIZE]

[SIZE=3]When we enter into agreements, we invariably use periods to reckon when certain obligations are to be performed. In contracts, it pays to be precise in determining when things are supposed to happen and, when a right is violated, when an action can be filed to enforce such right against another.[/SIZE]

[SIZE=3]When you expect that something is to be done in a week’s time, what do you really mean? For example, just saying that another party has “seven days” while seemingly clear can be subject to interpretation. You can leave it to lawyers to either require precision or find a way to obfuscate matters (or in layman’s terms, confuse). Days can mean business days which results in a longer period, or calendar days which can be much shorter. So you just have to say what you mean. It may be reasonable to state business days if a thing can be acted upon only during office hours. [/SIZE]

[SIZE=3]And when you say “business day” and you deal with parties in different jurisdictions (or time zones), you may have to specify a business day to refer to a day when banks are generally open in a certain jurisdiction. Pay attention to this provision especially in the case of loans. If a lender is based abroad, and you have to pay on a business day, does it have to a business day in your place of business, that of the lender’s or both?[/SIZE]

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[SIZE=3]Read on from The Legally Inclined blog at http://thelegallyinclined.wordpress.com. Feel free to forward the link to your friends and colleagues. And leave some feedback if you can.[/SIZE]