Do the Deadlines on the FAR BAR “AS-IS” Residential Contract for Sale and Purchase expire at 5:00pm or 11:59pm?
Answer: It depends!
Section 18F-Time is a commonly misinterpreted section of the FAR BAR Contract.
Calendar dates are used to compute the critical dates of the contract. If a deadline falls on a calendar date that is not a weekend or national holiday, the deadline expires at the end of that calendar date, which is 11:59 pm (in the time zone in which the property is located). However, if a deadline falls on a Saturday, Sunday, or national holiday, the deadline rolls to the next business day and expires at 5:00 pm of that business day.
The only exception is for “Time for Acceptance of Offer and Counter-Offers” (if specified in Paragraph 3 of the contract) and the “Effective Date of Contract.” These two dates may fall on a Saturday, Sunday, or national holiday.