Jurisdiction(s):
United Kingdom

Key definition

Term definition

What does Term mean? In lending practice, the term is the length of time a loan is intended to run, from initial drawdown (or first utilisation) to the final scheduled repayment date (often called the maturity date or final repayment date). It is market usage rather than a statutory concept, and the meaning is consistent across England & Wales, Scotland, Northern Ireland and Ireland. Consumer credit rules require disclosure of the duration of an agreement, but do not redefine the term. Key features: - Also known as the tenor. - For amortising loans, the term covers the period over which instalments are scheduled; for bullet loans,...

Modern Methods of Construction: Legal and Contracting Guide to Procurement, ECI/DfMA, Frameworks, JCT/NEC/FAC-1, Risk, Warranties, Payment Security and Net Zero

Published by a LexisNexis Construction expert

Practice notes

Background

The Term ‘MMC’

The Ministry of Housing, Communities & Local Government’s specialist sub-Group has produced a definition framework for MMC, setting out seven categories:

Category 1-Pre-Manufacturing-3D primary structural systems
Category 2-Pre-Manufacturing-2D primary structural systems
Category 3-Pre-Manufacturing-Non systemised structural components
Category 4-Pre-Manufacturing-Additive Manufacturing
Category 5-Pre-Manufacturing-Non-structural assemblies and sub-assemblies
Category 6-Traditional building product led Site labour reduction/productivity improvements
Category 7-Site process led labour reduction/productivity improvements

The framework seeks to standardise and clarify how MMC is described, capturing the wide array of innovative construction approaches now used across the market. Further details can be found here.

For practitioners, establishing whether your scheme uses MMC and how extensively it influences delivery is valuable-particularly for key contractual risks such as structuring payments, title or insolvency exposure, programme, design responsibility, addressing climate change, and handling issues like materials shortages or fire safety.

Construction Sector trends

The construction industry has witnessed marked progress in off-site delivery, reflecting MMC’s increasing importance. For example, Homes England’s Affordable Homes Grant...

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Web page updated on 28/05/2026

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