Inspection Period
/ɪnˈspɛkʃən ˈpɪriəd/
Definitions
- (n.) A specified timeframe in contracts allowing a party to examine property or documents to confirm conditions before finalizing a transaction.
The buyer has a ten-day inspection period to review the property's condition before closing.
Forms
- inspection period
- inspection periods
Related terms
See also
Commentary
Typically used in real estate and commercial contracts; clear definition of duration and scope is crucial to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.