expiration
Definition
Expiration is the moment when a contract, license, permit, or agreement reaches its end date and automatically stops being valid. Once something expires, the rights and protections it provided to you are gone unless you take action to renew it.
Example
If your business lease expires on December 31st and you forget to renew it, your landlord has no legal obligation to let you stay in the space.
Watch Out
Mark expiration dates on your calendar well in advance because many contracts require you to notify the other party weeks or even months before the end date if you want to renew.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.