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What is a rolling contract?

A:

Quick Answer

A rolling contract is a contract that has no defined cancellation date and ends only upon the request of one of the involved parties. Rolling contracts are commonly used in business-to-business and business-to-consumer transactions, such as rental agreements and warranties.

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What is a rolling contract?
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Rolling contracts are usually for specified time periods, such as a 30-day rolling contract rental lease. In this scenario, the renter and landlord each have the right to give the other a 30-day move-out notice. Rolling contracts are also commonly used between independent contractors and clients.

Rolling policies are a type of rolling contract issued with the purchase of a good, usually an electronics product or a communications device. These policies are usually free with a purchase for a designated time period and directly withdraw the premiums from the customer's bank account after the end of the complimentary period. Many consumers continue to pay insurance premiums for these goods because they fail to notice the charges on their bank accounts, according to The Guardian.

High-level sports professionals, such as coaches, are often hired with rolling contracts. These contracts are generally for extended time periods. After the completion of the initial period, the university or the owner of a professional team can let the coach go, or the coach can quit on his own. If the contract continues for another year, the owner of the team can usually buy out the coach at any time by paying the monetary remainder of the contract.

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Related Questions

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    A:

    When creating a simple land sale contract, it is important to include the property address, a legal description of the specified property and its type, the beginning date for the agreement between the seller and buyer, the purchase price, all pertinent addresses of both parties and the payment terms. The websites RocketLawyer.com and LawDepot.com offer users the ability to create free land sale forms that can then be printed out. However, it is wise to have a real estate attorney review or draft this legal form to ensure it meets relevant state laws that apply for the specific land sale document, states Nolo.com.

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    What does an extension letter typically contain?

    A:

    A contract extension letter should contain the names and addresses of the involved parties, the effective date of the extension, the ending date of the extension, and the name and date of the original contract, according to Rocket Lawyer Incorporated. A request for an extension of time to make a payment must include the names of those involved, the due date of the next payment and a request for a specific amount of time, according to R.P. Emery & Associates.

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