- lapse
- ▪ I. lapse lapse 1 [læps] verb [intransitive]1. COMMERCE if a contract, agreement, or offer lapses, it ends because an agreed time limit has passed:
• The customer has the right to exercise the option or allow the option to lapse.
• There are many films on which the copyright has lapsed and hasn't been renewed.
2. INSURANCE if an insurance policy lapses, it ends because the regular payments required have not been made:• Kimble let his fire insurance lapse when he couldn't afford the premiums.
lapse into something phrasal verb [transitive]to begin to be in a bad state:• The economy lapsed deeper into recession.
• The stock market lapsed into a broad decline today.
[m0] ▪ II. lapse lapse 2 noun [countable]1. a period of time between two events:• There is a four-day lapse between the time a patron buys a ticket and the money is deposited in the bank.
2. a failure to do something you should do:• The customer complained about a lapse in service.
• The audit uncovered accounting lapses.
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Ⅰ.lapse UK US /læps/ verb [I]► if something such as an agreement lapses, it ends legally or officially because nothing has been done to make it continue, for example because payments are not made: »The agreement ran for three years, after which they decided to allow it to lapse.
»Many uninsured drivers aren't even aware that their insurance has lapsed.
Ⅱ.lapse UK US /læps/ noun► [C] a mistake that is made because of a temporary lack of attention to something: lapse in sth »There had been a lapse in security at the company, and the personal details of hundreds of customers had been made public.
»a security lapse
► [C, usually singular] a period of time that passes between two things happening: »The company will resume paying a quarterly dividend on common shares, following a two-year lapse.
»a time lapse
Financial and business terms. 2012.