term of contract

The term of a contract is the duration that it will be in force. It may be a fixed time, fixed time with automatic extensions of time until terminated, or a time that is calculated by reference to some event, or any other calculated time.

The term of a contract may not be perpetual. Where the term is not specified whether orally or in writing such that it does not form part of the contract, the agreement may be terminated on reasonable notice.

Usage: The term of the contract was 3 years, with provision to terminate for convenience of the parties on 3 months' notice.

Related Words: contract; acceleration clause; breach of warranty; breach of promise; breach of condition.