Quick Answer: Can An Effective Date Be In The Past?

What does sentence effective date mean?

: the day when a law, rule, contract, etc., starts to be used..

What does payment effective date mean?

FINANCE, LAW. the date when an agreement starts to operate, or when something is recorded as being bought or sold: Payment of severance pay will commence as soon as practicable after the effective date.

What is Effective date coverage?

Your health insurance coverage start date—also called your plan’s “effective date”—is the day your insurance company will begin helping to pay for your medical expenses. Before that date, they won’t. … The day your health insurance goes into effect depends on which half of the month you buy your plan.

What is Bank effective date?

The Direct Deposit Effective Date is the date that the bank is to enact the direct deposit transactions. … Note: The Effective Date must be a predetermined number of days after the Direct Deposit Transmission Date so the bank has lead time to process the transactions.

What is earliest commencement date?

Definition of Early Commencement Date Early Commencement Date means an Annuity Commencement Date that is prior to the Normal Commencement Date. … In no event may the Early Commencement Date occur prior to the Participant attaining age 55.

What does effective date mean on direct deposit?

Every ACH transaction has an “Effective Date,” which is the date you intend the payment or deposit to post to the receiver’s account. Using direct deposit of payroll as an example, the Effective Date is the date that you intend your employees to be paid.

How do you use effective date in a sentence?

Effective date sentence examplesPoints of interest 1. … A further actuarial valuation is being carried out with an effective date of 31 March 2004. … Points of interest 1. … Any dental services performed prior to the effective date of the insurance coverage will not be paid for by TriCare.More items…

What does the effective date mean?

An effective date or as of date is the date upon which something is considered to take effect, which may be a past, present or future date.

When should an agreement be dated?

The contract date is usually written onto the front cover and the first page of the contract (although there is no legal requirement to do so). Generally this is the date that the last party signed the contract.

What is the difference between commencement date and effective date?

The date upon which the landlord and the tenant’s rights and obligations under the lease begin. The Commencement Date can be synonymous with Lease Effective Date or the Lease Start Date but is not interchangeable as a rule. … The date upon which the tenant’s responsibility to pay the landlord for use of the space begins.

Who fills in the effective date on the contract?

The effective date is determined by the date the contract is agreed to by both parties in writing and communicated between the parties. Either the buyers agent or the sellers agent can fill the final acceptance date in on the contact. Think of a one day option period.