lapse of time

lapse of time
lapse of time ˌlapse of ˈtime noun [uncountable] LAW
when a contract is ended because both groups involved do not finish what they stated they would do before an agreed time limit

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lapse of time UK US noun
[C, usually singular] (also time lapse) a period of time that passes: »

There was a considerable lapse of time between agreement being obtained and work actually going ahead.

[C, usually singular, or U] LAW the reason for a legal agreement ending, because an agreed time limit has passed: »

The contracts had been terminated because they had expired by lapse of time.

Financial and business terms. 2012.

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Look at other dictionaries:

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  • 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… …   Financial and business terms

  • lapse — {{Roman}}I.{{/Roman}} noun 1 small error; bad manners ADJECTIVE ▪ minor ▪ major, serious ▪ a serious lapse in judgment ▪ unfortunate ▪ …   Collocations dictionary

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  • lapse — /læps/ noun ♦ a lapse of time a period of time which has passed ■ verb to stop being valid, or to stop being active ● The guarantee has lapsed. ● The takeover bid was allowed to lapse when only 13% of the shareholders accepted the offer. ♦ to let …   Dictionary of banking and finance

  • time — I (New American Roget s College Thesaurus) Measurement of duration Nouns 1. time, duration; period, term, stage, space, span, spell, season; fourth dimension; the whole time; era, epoch, age, aeon; time of life; moment, instant, instantaneity,… …   English dictionary for students

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