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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 ?
Just a few minutes talking with Skip, you get a sense of his passion for making the best electric heaters.
Following the meeting, the agriculture minister said they decided to handle the situation and would aid the skip owners "as much as we can."
Brian Berry, Chief Executive of the FMB, said: "The increase in the price of skips and diesel is bad news for builders and home owners alike.
I studied day and night, and learnt how powerful the human mind is: just as it can make you ill, it can make you well again.' hktad- fli ' Six months after the accident, Skip's whole mentality changed.
Once you have a skip, working out how to fill it is another matter.
He claimed he had tried for more than three weeks to knock on doors to see who was responsible for hiring the company's skip. A Merthyr council spokeswoman said: "Merthyr Tydfil council takes incidents of fly-tipping very seriously and we are doing our utmost to investigate."
The study we carried out at the university's Splash Lab not only reveals the physics of how elastic spheres interact with water, but also predicts how many skips will occur.
So why skip? AS WELL as getting you moving, Skipping can help improve both your overall level of health and athleticism.
Men who skip breakfast on a regular basis face a 27 percent higher risk of heart attack or death from coronary arter disease than those who are more consistent about eating their morning meal.