Quarter Day

Quarter Day definition

/ˈk(w)ɔːtə/ /deɪ/

What does Quarter Day mean?

The days on which commercial rents are usually paid. Traditionally these are 25 December, 25 March, 24 June and 29 September (ie Christmas, Lady Day, Midsummer Day, Michaelmas), although some leases use the modern quarter days – 1 January, 1 April, 1 July, 1 October.

Quarter Day explained

Where rent is payable quarterly in advance, the whole instalment is payable on the quarter day (eg the instalment due on 25 December is the full sum to cover 25 December to 24 March, inclusive). In the absence of express agreement that rents are payable in advance by equal instalments, it is payable in arrears.

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