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A period of time during which one ordinarily would work but does not, normally to engage in some pleasure. One may spend a vacation traveling, relaxing or simply organizing one's personal life. Many companies offer paid vacation time to employees after a certain period of employment. Some jurisdictions require paid vacations.
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A day set apart for commemorating an important event.The term is used often in contracts and leases when computing time,as when a certain number of days are allowed for an action, but if the due date falls on a weekend or holiday,it will be the next business day.Leases,in particular,limit delivery of certain services,such as heating and air conditioning,on weekends and holidays. The better practice is for the contract or lease to define the holidays meant by it.In the absence of such a definition, holidays will usually include federal holidays, when federal offices are closed, and may include state holidays when state offices are closed,if different.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
On Thursday, the first of four consecutive holidays in the nine-day Golden Week that began last Saturday, there was a 200% occupancy rate for unreserved seats on the Yamagata Shinkansen Line's Tsubasa 111 service from Tokyo to Shinjo in Yamagata Prefecture, northeastern Japan, according to rail officials.
The three banks will completely halt operations of their computer systems during three consecutive holidays in February 2002 in order to conduct final tests on their integrated system, the officials said.
''The market used to fall facing factors such as three consecutive holidays and a fall in the U.S.
"Because a series of date-fixed national holidays sat on weekdays this year -- especially after Sunday -- more workers could luckily take long enough off to tour by airplane," one airline industry official said, noting the four consecutive holidays May 2-5.