What is the difference between effective date and commencement date?
Also asked, is commencement date the same as effective date?
Commencement Date. The date upon which the landlord and the tenant's rights and obligations under the lease begin. The Commencement Date can be synonymous with Lease Effective Date or the Lease Start Date but is not interchangeable as a rule.
Similarly, what is the effective date on a contract? Contract Effective Date means the date agreed upon by the parties for beginning the period of performance under the contract. In no case shall the effective date precede the date on which the contracting officer or designated higher approval authority signs the document.
Similarly, you may ask, what is meant by effective date?
An effective date or as of date is the date upon which something is considered to take effect, which may be a past, present or future date. This may be different from the date upon which the event occurs or is recorded. This effective date is when recommendations take place.
What does commencement date mean?
Contracted date when activities begin. When actions begin pertaining to a contract. A contractor must begin work on a project on the commencement date.