Term

The term of a contract is how long it lasts. It usually runs from the effective date to a stated expiration, and it can be a fixed period (a one-year term), tied to a deliverable (until the project is complete), or open-ended until someone ends it.

Term language often sits right next to renewal language, so read the two together. A one-year term with an auto-renewal clause is really a rolling commitment unless someone gives notice in time. The term also sets the clock for termination rights and notice periods.