Common use of Date of Effect Clause in Contracts

Date of Effect. The contract shall enter into effect on the day following the day when all of the conditions hereunder are fulfilled: - signature of the contract by the parties - communication of the approvals or authorizations by the authorities of the parties' respective countries, when necessary. - actual receipt of payment by the seller of the down-payment for the order, - receipt by the seller of the confirmation of the irrevocable documentary credit, if required under the contract As soon as the conditions stated above are fulfilled, the seller shall notify the purchaser, in writing, of the effective date the contract enters into effect, such date shall lead to the execution by the parties of a document evidencing the date of entry into effect of the contract. In the absence of such a written document, the date notified by the seller shall be deemed contractual.