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 ?
We are requesting DSP to start with rate reduction and put end to Virtual Print Fee and eventually go to a sunset clause," he added.
And yet opponents of the JCPOA, who typically depict Iran as being far less trustworthy than the United States, futz over the sunset clauses in that text as if they represent a major problem that will make the difference between Iran having and not having a nuclear weapon a decade from now.
As for the wretched sunset clause, those not well versed with the eccentricities of English law do not understand that this is a statutory mechanism that has limitations peculiar to the British constitution which is famously unwritten -- not in one document that is.
"To begin with, one percent cut in the corporate tax rate, gradual phasing out of accelerated tax depreciation and a sunset clause for the tax deductions, coupled with reduction in MAT, will set the tone for this year's Budget," KPMG (India) Partner Tax Vikas Vasal said.
The lead partner in the Mackenzie Gas Project has written to the National Energy Board seeking a seven-year extension to a sunset clause attached to federal regulatory approval granted in 2011.
Then it got worse: News leaked Monday of the ''sunset clause.'' President Obama had accepted the Iranian demand that any restrictions on its program be time-limited.
According to reliable sources, the sunset clause for the tax holiday under section 80 1A for commencement business in power sector kicked in on March 31 this year likely to be extended by another five years.
The dues adjustment is implemented every three years, based on the ANA House of Delegates policy passed in June 2004 implementing this automatic escalator and modified in June 2010 to remove the sunset clause. The last change to the ANA Assessment factor occurred January 1, 2011.
In 2010, the ANA House of Delegates removed the sunset clause from the escalator policy allowing these changes in the ANA Assessment Factor to continue.
King is considering adding a sunset clause to evaluate the success of the measure after it has been in place for a period of time.
In June 2010, the HOD removed the sunset clause allowing these changes in the ANA Assessment Factor to continue.