A tool used to determine the duration of a rental agreement, given the commencement date and either the termination date or the lease term length. For instance, if a lease begins on January 1, 2024, and is for a period of 12 months, the function calculates the ending date as December 31, 2024. Conversely, if the start date is January 1, 2024, and the end date is December 31, 2024, the calculation verifies the term is indeed 12 months.
Accurate computation of the agreement’s span is vital for property managers, landlords, and tenants. It facilitates proper rent calculation, ensures adherence to legal requirements regarding notice periods for renewal or termination, and aids in financial planning for both parties. Historically, this calculation was performed manually, which increased the risk of human error. The adoption of automated tools significantly reduces such errors and enhances efficiency in lease management.