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| Friday, November 21, 2008
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| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
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| Author |
Messages |
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RichK
(Illinois)
Posts:5
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| 07/30/2008 5:54 AM |
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Could someone help me interpret this cancelation cause. If we send a letter to this company as of 8/15 when would the contact cancel? Would it be September 31st or August 31st.
The way I read it the 60 days starts on September 1st but this is my first time with this terminology.
Either party shall have the right to terminate this agreement at any time without cause with sixty(60) days written notice prior to the effective date of such termination. Such notice will become effective on the first day of the month following receipt.
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SusanW1
(Michigan)
Posts:2117
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| 07/30/2008 5:59 AM |
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The NOTICE of the cancellation becomes effective on the first day of the next month. So if you sent it Sept. 15, the NOTICE becomes effective Oct. 1, and then there are 60 days for the contract to end. (you are obligated for any services performed up to Nov. 30)
That's how I see it, anyway.
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BradP
(Kansas)
Posts:1742
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| 07/30/2008 6:16 AM |
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Rich:
If you send it in on 8/15 your contract ends on Nov. 1. |
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JohnO6
(Georgia)
Posts:122
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| 07/30/2008 6:56 AM |
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| Nitpicking I know .. .. but 60 days from September 1 is October 31, not November 1 |
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JohnB7
(South Carolina)
Posts:41
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| 07/30/2008 12:16 PM |
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| ...that would be the nit's left rear leg you are holding... |
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KirkW1
(Texas)
Posts:1110
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| 07/30/2008 3:38 PM |
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| I suspect that regardless of the "60 day" period, they intend to complete two full months of service after receipt of the notice of cancellation. But if you wish to be sure, then specify the last day of services as the last day of the month so that the new service picks up on the 1st of the month. |
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MaryA1
(Arizona)
Posts:2157
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| 08/01/2008 1:05 AM |
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Posted By RichK on 07/30/2008 5:54 AM
Could someone help me interpret this cancelation cause. If we send a letter to this company as of 8/15 when would the contact cancel? Would it be September 31st or August 31st.
The way I read it the 60 days starts on September 1st but this is my first time with this terminology.
Either party shall have the right to terminate this agreement at any time without cause with sixty(60) days written notice prior to the effective date of such termination. Such notice will become effective on the first day of the month following receipt.
Rich,
The notice must be recieved at least 2 months b/4 the cancellation date. If you send the notice on 8/15, the contract would terminate on 10/31. I would specify the termination date in the notice then mail the letter in plenty of time for it to reach the company b/4 the first of the month.
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SusanW1
(Michigan)
Posts:2117
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| 08/01/2008 4:47 AM |
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Good idea, Mary.
You may want to end the contract on the quarter, for bookkeeping purposes.
"Effective Sept 1, 2008, we are canceling the contract Number . . . . ."
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SusanW1
(Michigan)
Posts:2117
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| 08/01/2008 4:48 AM |
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| And that's Sept.30, 2008 - just in time for the 4th qtr. |
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