term

The period of time during which a contract is in force. Bloomberg Financial Dictionary

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▪ I. term term ¹ [tɜːm ǁ tɜːrm] noun

1. [countable] a word or expression that has a particular meaning, especially in a technical or scientific subject:

• a glossary of business terms

term for

• Multimedia is the industry term for any technique that uses computers to combine sound and images.

2. in real terms a change of a price or cost in real terms has been calculated to include the effects of other changes such as inflation (= price rises over time):

• Cocoa prices fell to their lowest in real terms for over 50 years.

3. [countable] COMMERCE LAW one of the conditions of an agreement, contract, or other legal document:

• Under the terms of the contract, the company was to deliver 1,000 megawatts of electricity to New York.

deˈlivery ˌterms [plural] COMMERCE

an agreement in a contract between a buyer and seller about when goods will be delivered, how they will be paid for etc:

• Customs require information comprising such details as the delivery terms, weight, method of transport and country of origin.

ˈdraft terms

[plural] COMMERCE the conditions of an agreement before they become final:

• These are the draft terms of the credit agreement currently being negotiated.

exˌpress ˈterm [countable] LAW

a term in a contract which is stated clearly and openly:

• If the valuation has not been made in accordance with the express terms of the contract then it is clearly not binding.

ˈfleet terms

[plural] COMMERCE reduced prices which a car dealer offers to a company with a fleet (= group) of cars if the company agrees to buy all its vehicles from that dealer

imˈplied term

[countable] LAW a condition in a contract that is not written, but is understood to exist because of the general purpose of the contract:

• There is also an implied term that the supplier of a service will supply the service with reasonable care and skill.

ˈprice terms [plural] COMMERCE

1. in a sales agreement or contract, the price that the buyer must pay, and often showing how it is calculated:

• The agency is prohibited from using price terms which are not industry standard.

2. if a price is given in relation to particular price terms, it is calculated using those prices as a guide:

• Commodity prices increased in world price terms in May, the second consecutive monthly increase.

ˈsettlement terms

[plural] LAW the conditions under which two sides involved in a legal or industrial disagreement agree to end a law case, strike etc, for example by an amount of money that one side will pay to the other:

• Under the settlement terms, both companies agreed not to run the ads any more.

4. terms [plural] COMMERCE the conditions under which you agree to buy or sell something:

• You may be able to find another policy offering the same cover on more favourable terms (= more cheaply, with easier ways to pay etc ) .

acˈcount terms [plural] COMMERCE

the arrangement that a seller makes with a buyer for goods or services to be paid for using an account, including the amount of time a buyer can wait before payment must be made, the method of payment etc:

• The goods were sold on monthly account terms.

• Many exporters are reluctant to sell on open account terms (= where no particular date or method of payment has been agreed ) .

ˈcredit terms

[plural] COMMERCE the conditions under which someone agrees to give a customer credit:

• They offer overseas buyers credit terms of as long as 360 days.

ˈpayment terms [plural] COMMERCE

the conditions of a sales agreement that concern how the customer will pay, and especially how much time is allowed for payment:

• We might consider extending the normal payment terms from 30 days to 40 days or more.

prefeˈrential terms [plural] COMMERCE

conditions that make it easier for a particular person or group to buy something, for example because they are allowed to pay a lower price or pay over a longer period of time:

• Employees will be allowed to purchase their company's shares on preferential terms.

ˈsettlement terms [plural] COMMERCE

conditions under which customers receive price reductions for paying within certain periods of time, for example a 5% reduction for paying within 30 days and a 2% reduction for paying within 60 days

ˈtrade terms [plural] COMMERCE

1. the conditions under which countries or companies agree to buy from and sell to each other:

• These are the most favorable trade terms generally available to our country's trading partners.

2. also terms to the trade price reductions given to customers that are businesses rather than members of the public

5. on equal terms/​on the same terms having the same advantages, rights etc as anyone else:

• US companies want to be able to compete on equal terms with their overseas rivals.

6. terms of reference [plural] the agreed limits of what an official committee or report has been asked to study:

• The matter of compensation is not within the committee's terms of reference.

7. in the long/​short/​medium term over a period of time from now until a long, short etc time into the future:

• The company's prospects look good in the long term.

— see also long-term, medium-term, short-term

8. [countable] a period of time for which someone has an important job or position, or that a government has power:

• The chairman's term is six years.

• The President hopes to be elected to a second term of office.

9. [singular] the period of time that a legal right or agreement continues for:

trade terms of

• New legislation would lengthen the term of patent protection to 20 years.

• Expenses are refundable over the term of the contract (= during the time that it continues ) .

10. [singular] FINANCE the period of time before something has to be paid or repaid:

• We're trying to extend the term on our mortgage.

trade terms of

• a promissory note with a term of 6 months

11. [singular] COMMERCE the end of the period of a business agreement:

• The policy reaches its term next year.

12. [singular] INSURANCE the period of time that an insurance contract lasts for, especially when this is less than one year

13. [countable] STATISTICS one of the numbers or signs used in a mathematical calculation

  [m0] ▪ II. term term ² verb [transitive]

to use a particular word or expression to name or describe something:

• He discussed the formation of what he termed 'strategic alliances'.

  [m0] ▪ III. term term ³ adjective [only before a noun]

term deposit/​loan etc FINANCE money that is put in a bank or a loan that is given for a particular length of time:

• US dollar term deposits can be an excellent investment choice for you.

• Its credit line was converted to a term loan that matures Oct. 31.

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Ⅰ.

term UK US /tɜːm/ noun

► [C] the period of time that something lasts for: »

Friendly society bonds run for a minimum term of 10 years.

»

They proposed to increase the term of copyright.

»

The current interest rate of 7.75% is fixed for the term of the loan.

»

Conventional gilts promise to pay a fixed income over a fixed term.

»

The policy didn't reach its full term.

► [C] the period of time during which someone is in a job or position, or that a government is in power: »

The appointments are for a fixed term of 12 months.

»

We're in the eighth month of our term of office.

► [C] FINANCE the period of time before something becomes due for payment: »

They are seeking bonds with a term of 10 years.

→ Compare TENOR(Cf. ↑tenor)

► [C or U] the end of a period of time, for example when an agreement ends: »

The endowed fund will reach term next year.

► [C] a word or expression used in relation to a particular subject, often for something official or technical: legal/medical/technical term »

Labor negotiations had reached an ""impasse,"" a legal term in labor law.

»

His favourite word was ""loyal"", a general term of approval.

»

We use the term ""burn-out"" to mean that they grow bored and lose the drive to improve and innovate.

► [C] one of the conditions of an agreement, arrangement, or activity: »

There may be a term in the contract that excludes this.

»

We have agreed compensation terms.

»

Employers know that if they do not offer attractive terms and conditions, they cannot expect to recruit the best.

under the terms of an agreement/a contract/a deal »

Under the terms of the merger agreement, the company becomes a wholly owned subsidiary of the larger firm.

● terms — Cf. terms

● be on good/bad/excellent terms (with sb) — Cf. be on good/bad/excellent terms with sb

● in real terms — Cf. in real terms

● in ... terms — Cf. in ... terms

● in terms of sth — Cf. in terms of sth

● in the long/medium/short term — Cf. in the short term

● on equal terms (with sb/sth) — Cf. on equal terms with sth

→ See also CREDIT TERMS(Cf. ↑credit terms), DELIVERY TERMS(Cf. ↑delivery terms), EASY TERMS(Cf. ↑easy terms), EXPRESS TERM(Cf. ↑express term), FIXED TERM(Cf. ↑fixed term), FLEET TERMS(Cf. ↑fleet terms), IMPLIED TERM(Cf. ↑implied term), LONG-TERM(Cf. ↑long-term), MEDIUM-TERM(Cf. ↑medium-term), NEAR-TERM(Cf. ↑near-term), PAYMENT TERMS(Cf. ↑payment terms), PRICE TERMS(Cf. ↑price terms), SETTLEMENT TERMS(Cf. ↑settlement terms), SHORT-TERM(Cf. ↑short-term), TERMS OF EMPLOYMENT(Cf. ↑terms of employment), TERMS OF ENGAGEMENT(Cf. ↑terms of engagement), TERMS OF REFERENCE(Cf. ↑terms of reference), TERMS OF TRADE(Cf. ↑terms of trade), TRADE TERMS(Cf. ↑trade terms)

Ⅱ.

term UK US /tɜːm/ verb [T]

► to use a particular word or expression to describe something: term sth sth »

The CEO spent the past year on what he termed ""gardening leave"".

term sb sth »

Some people might term her mean.

term sth as sth »

He sought to play down what he termed as ""mere speculation"".