Annually: Overview, definition, and example
What is annually?
Annually refers to something that occurs once every year. It is commonly used to describe events, actions, or processes that are scheduled or expected to take place on an annual basis, typically once within a 12-month period. The term can apply to a variety of contexts, such as financial reports, meetings, subscriptions, or events.
For example, an organization may hold an annual general meeting (AGM), where key decisions are made and financial statements are presented once every year.
Why is annually important?
The term annually is important because it helps to establish a regular, predictable schedule for activities or obligations that need to be completed or reviewed on a yearly basis. Using "annually" ensures clarity and consistency, whether in contracts, business planning, financial reporting, or even personal commitments. It allows individuals and businesses to plan and allocate resources appropriately, ensuring that annual tasks are prioritized and met.
For businesses, scheduling tasks annually ensures that key processes such as budget planning, performance evaluations, and tax filings occur regularly. For individuals, knowing that something happens annually helps in organizing personal tasks, such as insurance renewals or medical check-ups.
Understanding annually through an example
Imagine a company that conducts employee performance reviews annually. Each year, at the same time, employees meet with their managers to discuss achievements, set new goals, and receive feedback. The company uses "annually" to mark the frequency of these reviews, making it a consistent and expected event.
In another example, a membership-based organization might charge its members an annual fee for continued access to services. The renewal of this fee would occur annually, ensuring the organization can maintain its operations and continue providing benefits to its members.
An example of annually clause
Here’s how an "annually" clause might appear in a contract or agreement:
“The Parties agree to meet annually to review the terms of this Agreement, assess performance, and make any necessary adjustments. The review will take place on the first Monday of January each year.”
Conclusion
"Annually" refers to actions or events that occur once every year, providing a clear and predictable schedule for various tasks, obligations, or reviews. Whether in business, legal agreements, or personal planning, using "annually" helps manage time effectively and ensures that tasks are completed in a timely, regular manner. It is essential for maintaining consistency and alignment in both professional and personal contexts.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.