In perpetuity: Definition, Example and Related Terms
What does it mean when something is In perpetuity ?
In perpetuity means 'forever' or 'for an indefinite period of time'. In other words, it's something that has no end date. This term is often used in legal agreements to indicate that a certain condition or obligation will continue to exist for as long as the contract is in effect, or even beyond that. It's like saying 'this will last forever' in the world of contracts.
Here's an interesting fact: 'In perpetuity' is a powerful term and can have significant implications. For example, if a contract grants someone rights 'in perpetuity', it means they have those rights forever. So, it's essential to understand what it means before agreeing to anything 'in perpetuity'.
Example(s)
Key Element Description License Agreement A company grants a license to use its software 'in perpetuity'. This means the licensee can use that software forever. Publishing Contract An author grants a publisher the rights to publish their book 'in perpetuity'. This means the publisher can continue to print and sell copies of the book indefinitely. Music Recording Contract A musician grants a record label the rights to their music 'in perpetuity'. This means the label can continue to sell and distribute their music forever.