Last week we examined how to determine when the Ten Business Day Due Diligence period began. This post examines how to determine when it ends. Paragraph 9A of the Central Carolina Realtors Association contract says that the Buyer will have a ten (10) Business Day Due Diligence Period beginning at the time of final Contract acceptance to conduct any inspection, examination and testing the Buyer desires.
In calculating the end of the Due Diligence Period it should be noted that a Business Day is defined under Paragraph 29 as a 24-hour period beginning at 8 AM of any week day. A Business Day begins at 8 AM and end at 7:59 AM the following Business Day. Lastly, a Business Day may not end on a Saturday, Sunday or Federal Holiday.
For example, assume the contract was accepted at 10 AM on Tuesday, the first Business Day would begin on Wednesday at 8 AM. The Due Diligence Period would be as follows:
Day 1- Wednesday 8 AM to Thursday 7:59 AM
Day 2- Thursday 8 AM to Friday 7:59 AM
Day 3- Friday 8 AM to Monday 7:59 AM
Day 4- Monday 8 AM to Tuesday 7:59 AM
Day 5- Tuesday 8 AM to Wednesday 7:59 AM
Day 6- Wednesday 8 AM to Thursday 7:59 AM
Day 7- Thursday 8 AM to Friday 7:59 AM
Day 8- Friday 8 AM to Monday 7:59 AM
Day 9- Monday 8 AM to Tuesday 7:59 AM
Day 10- Tuesday 8 AM to Wednesday 7:59 AM
Note: If any day during the period is a Federal Holiday you would skip the day in the same manner as you skipped a Saturday or Sunday. Additionally, if your tenth day began Friday at 8 AM it would end on Monday at 7:59 AM.
Historical Fact: Main Street was previously known as Richardson Street. The street was named for Brigadier General Richard Richardson. Richardson was a Virginia native who settled in present day Clarendon County. He served in the militia during the “Snow Campaign” of 1775. He rose to the rank of Brigadier General. He also served in the Commons House of Assembly, First and Second Provincial Congresses and First General Assembly. He was a well-respected citizen who was often called upon to settle disputes among the citizenry . Six South Carolina governors are among his descendants.