This precedent has been authored by Dr. Gordon Hughes, Principal, Davies Collison Cave Law.

Introductory note

Typically, a contract will require certain actions to be taken within a specified number of “business days”, normally defined as being a day (other than a Saturday, Sunday or public holiday) on which banks are open for general banking business in whatever city has the closest connection with the transaction. A clause is often inserted to ensure there is no ambiguity as to deadlines when a party is required to complete an obligation within a time frame that expires on a non-business day.