Annums

The term "annums" refers to a period of one year, or a yearly cycle. It is often used in formal contexts or legal documents to specify the duration of an event, payment, or agreement. The term highlights the annual recurrence and the chronological measurement of time. Understanding the concept of 'annums' is critical in areas such as finance, insurance, and contract law, where knowing the duration of an agreement is important for proper calculations and management.

Annums meaning with examples

• The insurance policy stipulated a premium payment due annually, or within a period of two `annums`. This required the client to submit their financial details to enable the payment to be processed and avoid a cancellation of cover. Without the payment of the `annums`, the insurance would cease to be valid and the client would have to apply for a new policy.
• The contract outlined the payment terms, specifying that the royalties would be calculated and disbursed over three `annums`. This ensured that the writer would be paid consistently over the specified three years. The royalties could be accrued and the contract would then have to be reviewed at the end of the `annums`, and a renewal of the contract agreed upon by all parties.
• The investment strategy focused on long-term growth, projecting returns over several `annums`. This helped the financial advisors manage the investments of clients. This would include the monitoring of the investment against inflation and the constant review of the market position in terms of the `annums` the investment was to be left in the market.
• The lease agreement specified a fixed rental rate payable over five `annums`. This gave certainty to the tenant and landlord and gave clarity to the financial obligations. This meant the tenant knew exactly what to expect in terms of payments and how to meet their financial obligations over the `annums` of the rental agreement.