termterm1 /tɜːmtɜːrm/ noun1[countableC] a word or expression that has a particular meaning, especially in a technical or scientific subjecta glossary of business terms
term forMultimedia is the industry term for any technique that uses computers to combine sound and images.
2in 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[countableC]COMMERCELAW one of the conditions of an agreement, contract, or other legal documentUnder the terms of the contract, the company was to deliver 1,000 megawatts of electricity to New York.
→ delivery terms → draft terms → express term → fleet terms → implied term → price terms → settlement terms4terms [plural]COMMERCE the conditions under which you agree to buy or sell somethingYou may be able to find another policy offering the same cover on more favourable terms (=more cheaply, with easier ways to pay etc).
→ account terms → credit terms → payment terms → preferential terms → settlement terms → trade terms5on equal terms/on the same terms having the same advantages, rights etc as anyone elseUS companies want to be able to compete on equal terms with their overseas rivals.
6terms of reference [plural] the agreed limits of what an official committee or report has been asked to studyThe matter of compensation is not within the committee’s terms of reference.
7in the long/short/medium term over a period of time from now until a long, short etc time into the futureThe company’s prospects look good in the long term.
→ see also long-term, medium-term, short-term 8[countableC] a period of time for which someone has an important job or position, or that a government has powerThe 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 forterm ofNew 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 repaidWe’re trying to extend the term on our mortgage.
term ofa promissory note with a term of 6 months
11[singular]COMMERCE the end of the period of a business agreementThe 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[countableC]STATISTICS one of the numbers or signs used in a mathematical calculation