Concurrently: Definition, Example and Related Terms
What does it mean when something happens Concurrently ?
When we say something happens 'concurrently', we mean it happens at the same time as something else. It's like when you're watching TV and eating popcorn at the same time - you're doing these two things concurrently. In the world of contracts, 'concurrently' has a similar meaning. It's used to describe contracts or obligations that are in effect or happening at the same time.
Here's an interesting fact: The word 'concurrent' comes from Latin 'concurrere' which means 'run together'. So when contracts run together, they are happening 'concurrently'.
Example(s)
Situation Explanation Two marketing campaigns A company might run two marketing campaigns concurrently, meaning they happen at the same time. Product development and testing A tech company might develop and test a product concurrently. So while some people are still working on improving the product, others are already testing it. Supply and delivery contracts A restaurant might have a supply contract and a delivery contract running concurrently. So while they're getting fresh ingredients delivered, they're also sending out meals to customers.