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Simple English definitions for legal terms
commencement
Read a random definition: consequential economic loss
A quick definition of commencement:
Commencement: The beginning of something, like the first paragraph of a contract that says who is involved and when it was made.
A more thorough explanation:
Definition: Commencement refers to the first paragraph of a contract, which usually starts with phrases like "This Agreement is made on [date] between [parties' names]." It is also known as an introductory clause or exordium.
Example: "This Agreement is made on January 1, 2022, between John Doe and Jane Smith."
This example shows how the commencement sets the stage for the rest of the contract by identifying the parties involved and the date the agreement was made.
Another example: "This Lease Agreement is made on the 15th day of June 2022, between ABC Properties and XYZ Tenant."
This example illustrates how the commencement clause is used in a lease agreement to identify the landlord and tenant and the date the lease was signed.