Let's assume I have an entity called Policy. Well, policies get renewed on an annual term, so there's likely an entity called Period.
The sentence is extracted from http://msdn.microsoft.com/en-us/magazine/dd419654.aspx
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2 Answers
I think 'on an annual term' here means ' a 12 month period '.
Used instead of 'yearly' as this might be taken to imply the period "January 1st" to "December 31st".
However the language used in contracts is only vaguely related to everyday English. This usage probably comes about because of some obscure case history in contract law.
answered Nov 18, 2011 at 9:04
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Yes, that makes sense. There are different sorts of years, fiscal years for example, that don't coincide with calendar years necessarily. I think you are correct, that an annual term is more easily understood as any 12 month period, rather than the possible confusion with yearly start and end dates! Nov 21, 2011 at 20:20
Annually, or once per annum means an event occurs one time between January 01 and December 31 for that given year. From year to year the time frame between events could literally be as little as one day or as long as 1 year and 364 days as long as the two events don't happen within the same calendar year.
Once every 12 months is exactly that, the two events can occur no more than 365 days/ 12 months from the previous occurrence.
Annually = occurring one time in a calendar year
