A clause in an industrial instrument that sets down an expiry date, and sometimes what is to happen when this occurs.
A clause in a casualty excess of loss reinsurance cover that provides that the reinsurer will respond only to losses reported before some predetermined future date (sunset). The clause is used to limit the reinsurer's exposure to the "long-tail" of liability exposure, particularly in the US.
A provision in legislation that provides for automatic repeal of the law at a defined future date.
In the HIPC initiative, a clause taking effect at the end of 2004, where any countries that are not in the process will no longer be able to access debt relief. There are currently 15 countries that have not reached decision point, who are likely to become ineligible to receive debt relief.
A clause included in legislation that causes the legislation or part of the legislation to be repealed at a specified future time.
A clause in a reinsurance treaty limiting the time in which a loss must be notified, e.g., to seven years.