Common use of Time for Consideration Clause in Contracts

Time for Consideration. You must both sign this Agreement [INSERT THE FOLLOWING ONLY IF THE EMPLOYEE IS AGE 40 OR OLDER: and not revoke Your signature] within sixty (60) days following Your Termination Date. You can sign the Agreement any time on or prior to this Date. [INSERT THE FOLLOWING ONLY IF THE EMPLOYEE IS AGE 40 OR OLDER: You have seven (7) days after You sign the Agreement to revoke Your signature, if You choose to do so, provided that a revocation means that You will not receive the benefits provided under this Agreement. Your revocation must be in writing, signed by You, and received by [NAME, POSITION, ADDRESS] within seven (7) calendar days after You sign the Agreement, not including the day You signed it. This Agreement shall be effective only after this seven (7) day revocation period has expired without Your revocation (“Effective Date”). If You revoke Your signature, this Agreement shall not be effective or enforceable.] You are advised to consult with an attorney prior to signing if You desire to do so.