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Also known as a Period Certain Annuity. Fixed Period Annuity is a term used to describe a specific payout option for an Immediate Annuity contract. When an annuity distribution period begins or the annuitization begins, the annuitant can choose distributions over a fixed period of time.
An option period is a specified time frame in a real estate contract which allows a buyer to terminate the contract for any reason. It creates the right to terminate within the specified number of days for a specified price. Our Texas promulgated contract states it must be paid within two days of the effective date of a contract.