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TIME LIMIT/EXPIRY DATE

A typical accessory clause in a legal transaction whereby the effectiveness of the transaction is made dependent on the materialization of a future but certain event. A distinction is made between a suspensive time limit and a resolutive time limit. With a suspensive time limit, a contract does not start to produce its effects until the time when the event materializes (see forward-dated contract of employment ). In contrast, with a resolutive time limit the materialization of the event causes the effects of the contract to terminate (see fixed-term contract ). A further distinction, of practical importance, is made between a "termo certo" (precisely specified time limit or expiry date) and a "termo incerto" (time limit or expiry date which is not specified precisely). With the former, it is known not only that the event governing the contract's effectiveness will occur, but also when this will be (a stated date, for example). In the case of a "termo incerto", only the fact that this determining event will occur is known; the precise time when it will occur is unknown.

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