commencement
Definition
Commencement is the official start date of a contract, lease, or legal agreement, meaning the date when all the rights, responsibilities, and obligations written into that document actually kick in. This date matters because it determines when deadlines, payment schedules, and expiration dates begin counting.
Example
If you sign a retail lease on March 1st but the commencement date is April 1st, your rent payments and your five-year lease term both start on April 1st, not on the day you signed.
Watch Out
The commencement date is not always the same as the date you sign the contract, so always check for a specific commencement date written into the agreement before assuming your obligations have started.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.