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An executed agreement is a legal document signed by all necessary parties, but it does not necessarily mean it is effective. Contracts and lease agreements are common examples, and the effective date is when the document becomes binding.
An enforced agreement is essentially a legal document that has been signed by the people needed to make it effective. If there is a contract between two people, for example, that states a service is to be provided by one party to the other, it usually needs to be signed by both people. Once the contract has been signed by both and any witnesses or necessary additional parties, it is considered an executed agreement. This should not be confused with an effective agreement, which is a document that has entered into force and needs to be legally confirmed.
Many different types of documents and legal documents can be considered an executed agreement, once signed. Contracts between two parties are among the most common forms of agreements, which can provide the terms and conditions under which certain services or products are offered to each party. A lease agreement between a landlord and a lessee, for example, is usually an agreement that details the rental period, payment by the lessee, and any terms and options imposed on both parties. Once the rental agreement has been signed by the lessee and owner, as well as any necessary third parties, it is a concluded agreement.
The moment when a contract or other document becomes an executed agreement is often referred to as the execution date. When a document is executed it does not necessarily equal the effective date of a contract or agreement. The effective date is the moment when the document enters into force or when it is applied and binding between the parties involved in the agreement. An enforced agreement is simply signed by those people who are bound by the agreement and any witnesses who may be legally required for some documents.
When a document reaches its effective date, it “enters into force” and becomes binding on both parties. This date is often stated in the terms of the document itself and it is possible for an executed agreement to be effective at the time of signature. A rental agreement, on the other hand, runs once it’s signed, but may not be effective until the start of a particular month or other event when the lessee begins occupying the space. These terms and dates are important, since a party to an enforced agreement may expect it to be effective immediately, even if the terms of the agreement state it will be effective at a later date.
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