Which clause in a contract specifies the time period the contract will be effective?

The term that specifies the time period a contract will be effective is known as the "term of the contract." This clause outlines the duration for which the contract is valid, indicating when the obligations and rights of the parties begin and end. It is crucial for establishing the timeline for performance and any commitments involved in the contract.

Understanding the term of the contract is essential as it delineates the start and end dates, and may also include provisions for renewal or extension. This helps all parties to manage their expectations and responsibilities within the specified timeframe effectively.