Legal Definitions - business day

A business day refers to a day when most businesses and financial institutions are open and operating. Generally, this includes Monday through Friday, excluding weekends (Saturday and Sunday) and public holidays observed by the government or financial markets.

Here are some examples illustrating the concept of a business day:

• Contractual Deadlines: Imagine a software development company signs a contract stating they must deliver a new feature "within 10 business days" of receiving a payment. If the payment is received on a Friday, the clock for the 10 business days would start the following Monday. Weekends and any public holidays occurring within that period would not count towards the 10-day deadline. This ensures the company has the full working time specified to complete the task.

• Banking Transactions: When you transfer money between different banks, you might see a notice that the funds will be available "within 1-2 business days." If you initiate a transfer on a Thursday evening, it might not be processed until Friday (the first business day). If Monday is a public holiday, the funds might not appear in the recipient's account until Tuesday (the second business day), as Saturday, Sunday, and the holiday would not count as business days for processing.

• Official Notice Periods: A landlord might send a tenant a notice stating they have "3 business days" to rectify a lease violation. If the landlord mails the notice on a Wednesday, the tenant's three business days would be Thursday, Friday, and the following Monday (assuming no public holidays). This gives the tenant a clear timeframe based on days when they can realistically take action, such as contacting the landlord or arranging repairs.