Define: Annual cost

How is Annual cost defined in a legal contract?

• Annual cost means the expense of owning, maintaining and operating an item, such as an aircraft, calculated over a one-year period. This includes costs for corporate administration and standard depreciation calculations. Seen in 6 SEC filings.
• Annual cost means the total of running costs, periodic costs, and replacement costs paid within a certain year. Seen in 5 SEC filings.
• Annual cost means the expense associated with the use of an asset, like a balloon, across one calendar year. The cost estimate does not factor in profit or salary for the operator. Seen in 5 SEC filings.
• Annual cost means the financial commitment incurred by a leader while undertaking its responsibilities on behalf of authorities. The cost is repayable via each authority's contribution. This definition is not including specifics to business plans, budgets, teams, or chairpersons as seen in the original legal document. Seen in 2 SEC filings.
• Annual cost means a maximum monetary expenditure for a period of 12 months, taking into account the costs of amendments, change orders, and renewals. Seen in 2 SEC filings.

(Note: A number of provided definitions were excluded due to mentioning specifics about companies, organizations, positions, or object names, which are not applicable in a broader context.)

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Annual cost means the total expense of owning and operating an item over a one-year period, including [specific costs].

Relevant Contract Types

• Commercial Lease Agreement
• Service Agreement
• Supply Agreement

Relevant Circumstances

• When calculating the cost of managing property or equipment
• When evaluating the financial implications of a service provision over a year
• Assessments related to the annual cost for supplies in manufacturing

Relevant Sectors

• Real Estate
• Manufacturing
• Services

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Genie Definition 2

• Annual cost means the maximum financial expenditure, including amendments and renewals, within a 12-month period.

Relevant Contract Types

• Procurement Contract
• Professional Services Agreement

Relevant Circumstances

• Evaluation of yearly expenditure on procurement
• Cost analysis of professional services over a year

Relevant Sectors

• Government
• Management Consulting

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Genie Definition 3

• Annual cost means all expenses linked to fulfilling responsibilities on behalf of [authority/organization] repayable via each contributor.

Relevant Contract Types

• Collaboration Agreement
• Partnership Agreement

Relevant Circumstances

• Calculating expenses shared among partners or collaborators
• Understanding the financial liabilities associated with a collaborative venture

Relevant Sectors

• Tech Startups
• Non-Profit

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