Per annum refers to events or occurrences that take place on an annual basis. For instance, if your savings account earns 8% interest per annum, it means you receive 8% interest each year. This Latin phrase is commonly used to describe activities that happen annually. Related term: P/E ratio (price-earnings ratio)
Per annum refers to something that occurs or is calculated on a yearly basis. It is derived from the Latin phrase “per annum”. For instance, the interest rate on my savings account is 2% per annum, indicating that I will earn 2% of my total savings each year. Similarly, a salary of $50,000 per annum means that the individual will earn $50,000 annually. These examples demonstrate the usage of per annum to describe occurrences or calculations that take place on a yearly basis.
“Per annum” is a Latin term commonly used in legal documents to indicate an annual rate or occurrence. It signifies that something is calculated or happens on a yearly basis.
While “per annum” refers to an annual occurrence, “per month” signifies a monthly rate or occurrence, and “per day” indicates a daily rate or occurrence. The difference lies in the time frame being considered.
Yes, “per annum” and “annual” are essentially synonymous. Both terms refer to something happening or being calculated on a yearly basis.
Yes, “per annum” is commonly used to describe interest rates. For example, if a loan has an interest rate of 5% per annum, it means that the interest is calculated annually.
There are no specific legal requirements for using “per annum” in contracts or agreements. However, it is important to clearly define the terms and conditions associated with the use of this phrase to avoid any confusion or disputes.
Yes, “per annum” can be used to describe an individual’s salary or wages. For instance, if an employment contract states a salary of $50,000 per annum, it means the employee will receive that amount annually.
Yes, “per annum” is frequently used in legal documents, particularly when specifying rates, fees, or occurrences that are calculated or happen on an annual basis.
Yes, “per annum” can be used to describe rental payments. For example, if a lease agreement states a rent of $1,200 per annum, it means the tenant is required to pay $1,200 annually.
No, “per annum” can be used in various legal contexts beyond financial matters. It can be used to describe any occurrence or rate that happens or is calculated on a yearly basis.
There are no specific limitations to using “per annum” in legal documents. However, it is important to ensure that the context and usage of this term are clear and consistent throughout the document to avoid any confusion or misinterpretation.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/per-annum/
- Modern Language Association (MLA):Per Annum. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/per-annum/.
- Chicago Manual of Style (CMS):Per Annum. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/per-annum/ (accessed: May 09 2024).
- American Psychological Association (APA):Per Annum. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/per-annum/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts