Federal vs. State Holidays: Counting Business Days in an OREF Sale Agreements

Q:  What is the difference between Federal and State holidays?  Which applies when counting or excluding business days in an OREF Sale Agreement? 

A: Federal holidays are established by Congress and generally observed by federal government offices. While many businesses, schools, and banks also observe these holidays, their practices may vary. States may recognize federal holidays as well as establish their own, and not every state observes every federal holiday. 

The OREF Sale Agreement defines a “Business Day” as “Mondays through Fridays, except days that are recognized as official holidays by Oregon under ORS 187.010 or the United States under 5 U.S.C. § 6103.” 

This means that both Oregon state holidays and federal holidays are excluded when calculating Business Days under the OREF Sale Agreement, regardless of whether a particular business or office is open.

Please see What Is a Business Day? – Oregon Real Estate Forms for a list of dates.

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.