In this article you will learn the difference between Calendar Year and Contract Year.
Calendar Year
A calendar year runs from January 1st to December 31st of a given year. It corresponds to the regular calendar used in everyday life.
Contract Year
A contract year, on the other hand, is based on the date the contract started. For example, a contract year might run from August 2nd, 2023, to August 1st, 2024. It begins on the day the contract starts and ends exactly one year later.