As stated above, the termination date marks the end of the contract and also indicates the date on which payment or final payment is due. Payment may include interest, fees or other charges to satisfy the terms of the contract and enter into it. Once the termination or expiration date is reached and the (final) payment has been made, no additional payment is required. When two parties enter into a financial contract, they agree to certain conditions. Depending on the nature of the contract, these provisions may include the obligations and responsibilities of each party, the terms of payment, the maturities, the interest rates, the additional fees, the financial instruments concerned, what happens when a party fails to comply with its obligations, and the date of termination of the contract. This practice note provides an overview of the expiry of the contract and the different causes of termination and the possibilities of performance of the contract, including their practical and legal consequences. It takes into account due dates, contractual termination rights (including ordinary termination events), termination for infringement (including repugnant breach), termination, void contracts, debt relief by agreement, frustration, force majeure, illegality, insolvency, discharge resulting from other subsequent events (such as merger, modification or death) and issues to be considered in connection with termination commercial-to-consumer contracts. In addition, it is important that each notice gives the recipient sufficient time: the word “expiration” is used consistently in Canada`s revised statutes. The obvious reasons are that the Board of Review preferred that word to the word “course,” and that is the term defined in Black`s Law Dictionary. The provisions use both the terms “conduct” (450 cases) and “forfeiture” (139 cases). Exclusion of liability This article is of a general nature and cannot be considered as legal advice. This is just a general comment.
You should not rely on the content of this article without consulting one of our lawyers. If you would like advice on how the law applies to your particular circumstances, please contact one of our legal advisors. Proponents of plain language use the word “expiration” in their lists of inflated and unusual words, such as Susan Krongold, “Writing Laws: Making Them Easier to Understand” (1992), 24 Ottawa L. Rev. 495 and the Victoria Law Reform Commission, Plain English and the Law – Drafting Manual. The word “unfolding” is the most well-known and widely used word in everyday language. Even if there is no legal obligation to date your contracts, there is no reason not to add a date. Also, adding a date to the other party might make you wonder if you`re trying to mislead them. A date will help you manage the contract more efficiently by displaying more precision on how to manage the registration, and it will be one less thing you will have to worry about if you find yourself in a contractual action.
NOTE: If a start date is indicated, the use of “expiration” and “expiration” may not be necessary if the end of a period is indicated. A term used in reinsurance contracts related to the engagement of the parties is “natural process” or “natural process”. The context of these conditions depends on how they are used in the reinsurance contract. . . .