Dates and Deadlines Overview

Each deadline in this knowledge base will be notated with the applicable contract, section, line item, and reference so that you can look up the details for further information. Some deadlines have automatic extensions which require no additional paperwork. Deadlines can also be impacted by other means (e.g. other sections of the contract and/or federal regulations).

Some terms used within this website are listed below.

Sample Reference Table

FOUND IN DOCUMENT

The contract or other document in which the date or deadline is referenced.

  • CBS(R) – CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

RESPONSIBLE PARTY

  • SELLER – SELLER has the onus to act, or not act, BUYER is merely waiting for SELLER to do so, on or before the deadline.
  • BUYER – BUYER has the onus to act, or not act, SELLER is merely waiting for BUYER to do so, on or before the deadline.
  • BOTH – Both parties must work together to come to an agreement, in writing, on or before the deadline.
  • AS PER CONTRACT – Contract specifies the responsible party(ies).

DEADLINE TYPE

  • OPTIONAL – “No News is Good News” protocol. Typically applies to objection deadlines. If the responsible party does not provide written notice prior to the deadline, the contract continues forth. Typically associated to objection deadlines.
  • MANDATORY – Deliverable required. If the responsible party does not produce and deliver the required document(s) or item(s) on or before the deadline, the contract terminates.
  • CONDITIONAL – Becomes MANDATORY IF an associated event occurred or did not occur, activating this deadline, otherwise does not apply. Typically associated to objection deadlines.

DEADLINE SOURCE

  • SPECIFIED – the date was specified in the Dates and Deadlines section of the document, either as a number of days from the mutually executed contract (MEC) (date the last of all parties) or as an explicit date.
  • TRIGGERED – the date is triggered by some other event.
  • DERIVED – the date is stated in the contract to be the same as, or X days after or before, some other specified or triggered date but is not otherwise mentioned in the Dates and Deadlines listing.