The date of performance is the date on which both parties sign the contract. It is that both parties accept the general conditions of sale, as described in the contract. However, it is not necessarily on the same day that the treaty will enter into force. So what is the date of entry into force of a treaty? The effective date is when your commitments described in the contract begin. If you fail to comply with your treaty obligations after that date, the other parties can now sue you for infringement. It is important to note the effective date of the contract, as you need to know when your commitments will begin. This means that even if you signed your lease months before you move in, you don`t have to keep the unit clean, pay rent, or anything else until your lease actually starts (unless something else in your contract provides for something else). Conversely, you also cannot live on the site until the effective date. NOTE: There is a section on the mandatory contract date on both Form F9, the Purchase and Sale Agreement, and Form F8, the Consideration Form. In case of adoption of a counter-offer, the mandatory contractual date is placed on the counterparty form. Fundamental key in this regard – the mandatory contractual date is put on the document (whether it is the offer or the counter-offer) that is signed by both the buyer and the seller to establish the contract. In the example below, the binding date of the contract from April 4, 2007 at 14:00 .m. on the counter-offer signed by both the buyer and the seller.
When signing your next contract, take the time to read the document in depth.