What determines the effective date of a contract?

The effective date of a contract is established when both parties have signed the agreement. This signifies mutual consent and acknowledgment of the terms laid out within the contract. While the date of initial offer acceptance is important and might coincide with the signing date, the contract does not officially take effect until all parties have formally signed it.

It's also relevant to note that the date on which the offer is made is simply when one party presents their willingness to enter into a contract, but this does not create a binding agreement until acceptance and signatures are documented. Lastly, the date of payment is typically tied to the performance of contractual obligations rather than marking when the contract itself becomes effective. Thus, the signing date represents the moment when the contract's terms become applicable, which is why it correctly indicates the effective date.