sunset clause

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Sunset Clause

A clause in a law or regulation automatically abolishing that law or regulation after a stated period of time. In order for the law or regulation to continue to have effect, specific action must be taken. A law or regulation without a sunset clause continues indefinitely. The U.S. state of Texas has sunset clauses abolishing nearly every state agency every 12 years unless they are specifically renewed.
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sunset clause

A provision in a sales contract that sets a date for closing and after which the contract will be unenforceable except for provisions related to damages or earnest money refund or retention.

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 ?
The Korean sunset provision was part of broad set of procedural reforms crafted by Kim Young Sam (hereafter, KYS), (4) the first civilian president since 1961.
(128) A recent JCT report exploring various policy options in energy taxation identified at least four tax credits with a one- or two-year sunset provision that had budget effects for the entirety of a five-year budget window.
The AAP decided to support the bill in its entirety, even though it didn't agree with a sunset provision that calls for an evaluation of the pediatric equity act in 5 years.
But the repeal contains a "sunset provision" that reimposes estate taxes in 2011 to the level they were originally, Because estate tax laws can influence the designation of heirs of business properly and the operation of businesses, uncertainty built into the existing law makes it difficult for builders to plan their estates, the NAHB says.
107-296), by repealing the sunset provision and allowing for continued procurement relating to defense against or recovery from terrorism or nuclear, biological, chemical, or radiological attack (H.R.
It is important to note that there is a 4-year sunset provision for some parts of the act.
On the other, the draft legislation features a sunset provision that will end the federal program after three years, which makes it a short-term backstop that should not divert the attention of the reinsurance market or risk managers from the need to manage capital and risk for the long term.
2001-51 (1) addressed (1) allowable benefit increases and their effect on other qualification requirements, (2) plan amendments and (3) the sunset provision.
2143 would remove the sunset provision from the Economic Growth and Tax Relief Reconciliation Act (P.L.
"The Maritime Security Program has a legislated sunset provision, effective August 2005.
The House proposed a two- or three-year sunset provision. The anti-terrorism law would be repealed after the designated period elapsed.