Definition

1. Noun:
   • The period of time during which a contract conveying property to a person is in effect: This refers to the specific duration for which the conditions, rights, and obligations established in a contract are active and legally enforceable.

Usage

• The term of a contract is a critical element that defines the lifespan of the agreement. It specifies the start date and the end date or the conditions under which the contract concludes.
• It is commonly used in legal, business, and real estate contexts to discuss the active period of leases, service agreements, employment contracts, and property conveyances.

Examples

• Noun:
  • The term of the contract is five years, after which it may be renewed.
  • During the term of the contract, the tenant is responsible for all utilities.
  • The software license is valid for the full term of the contract.

Advanced Usage

• "for the term of the contract": Used to specify that an action or condition is applicable throughout the entire duration.
  • The supplier must maintain insurance for the term of the contract.
• "upon expiration of the term of the contract": Refers to actions or statuses that take effect when the contract period ends.
  • All equipment must be returned upon expiration of the term of the contract.

Variants and Related Words

• Contract term (n): A common alternative phrasing with the same meaning.
  • The contract term includes a 90-day notice period for termination.
• Lease term (n): Specifically refers to the duration of a lease agreement, a type of contract.
  • The lease term for the apartment is 12 months.

Synonyms

• Duration of the contract: The length of time the contract is valid.
• Contract period: The timeframe covered by the contract.

Related Phrases

• Term of the agreement: A phrase often used interchangeably with "term of a contract," especially in formal documents.
  • This clause is effective for the full term of the agreement.
• Fixed term: Indicates a contract with a specific, predetermined end date.
  • He was hired on a fixed-term contract for one year.

Noun

1. the period of time during which a contract conveying property to a person is in effect