Term

1. Contract law.

A term is a part of a contract which may be either:

(i) A condition;
(ii) A warranty; or
(iii) An innominate term.

Contract terms may be express terms or implied terms.

2.

The time before maturity.

Also known as the Tenor.

3. Interest rate quotation.

In relation to interest rates, a 'term' rate refers to maturities longer than overnight.

4.

A period within a floating rate loan's total maturity, for which an interest rate is fixed at the start of that period.

5. Financial maths.

An item in a mathematical expression.

For example, an error term.

See also