From HTTP/1.1: Header Field Definitions:
14.29 Last-Modified
The Last-Modified entity-header field
indicates the date and time at which
the origin server believes the variant
was last modified.
Last-Modified = "Last-Modified" ":" HTTP-date
An example of its use is
Last-Modified: Tue, 15 Nov 1994 12:45:26 GMT
The exact meaning of this header field
depends on the implementation of the
origin server and the nature of the
original resource. For files, it may
be just the file system last-modified
time. For entities with dynamically
included parts, it may be the most
recent of the set of last-modify times
for its component parts. For database
gateways, it may be the last-update
time stamp of the record. For virtual
objects, it may be the last time the
internal state changed.
An origin server MUST NOT send a
Last-Modified date which is later than
the server's time of message
origination. In such cases, where the
resource's last modification would
indicate some time in the future, the
server MUST replace that date with the
message origination date.
An origin server SHOULD obtain the
Last-Modified value of the entity as
close as possible to the time that it
generates the Date value of its
response. This allows a recipient to
make an accurate assessment of the
entity's modification time, especially
if the entity changes near the time
that the response is generated.
HTTP/1.1 servers SHOULD send
Last-Modified whenever feasible.
From this point Last-modified
is optional and its value depends of the nature of the original resource.