term
Definition
A term is the length of time a contract or agreement stays in effect, from the day it starts to the day it ends. Think of it as the lifespan of your deal, and once it expires, neither party is legally bound to keep their obligations unless you renew or extend the agreement.
Example
If you sign a commercial lease with a two-year term starting January 1st, your landlord cannot legally raise your rent or kick you out before December 31st of the second year.
Watch Out
Always check whether your contract auto-renews at the end of its term, because many agreements quietly roll over into a new period if you forget to cancel in time.
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.