The contract date is the date often written on the cover or last page of the contract. The signature date is, unsurprisingly, the date written next to or below the signature of each party, showing the date they signed the contract.
What is meant by contract date?
In the context of business sales, it is the date the last party to sign the Contract (usually the seller) signs the Contract and notifies the other party that they have signed it (either directly or through their agent or solicitor).
Who should date a contract?
The contract date is the date that both parties agree to be bound by the contract terms. As a rule of thumb, it should usually be the date the last party signed the contract.
Does a contract need to have a date?
Contracts must be signed by the parties involved in the agreement. Legally, a date is not required; if there is an expected timeline but a listed date is not on the contract, it is not considered enforceable. If the contract is undated but is marked as for consideration, it is still valid.
How long is a contract?
As a general rule, a contract may be terminated by either party unless they agree to a definite term. For example, if John Doe agrees to pay Jane Smith $500 per week for consulting services, this arrangement may continue indefinitely until either side decides to cancel the arrangement.
Does a contract have to have a start and end date?
Tip. A contract does not need a date to be valid. Most times, it will simply begin on the day it is signed.
What are the main contract types?
TypesCommercial contract.Domestic building contract.Percentage rate contract.Item rate contract or Unit price contract.Lump sum and scheduled contract.Cost plus fixed fee contract.Cost plus percentage of cost contract.Subcontract agreement.More items
Do both parties need a copy of a contract?
Each party should get an original signed copy of the contract for their files. That means if there are two parties to the contract, two identical contracts must be signed. One original copy of the contract should go to you, and one original copy should go to the other party.