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,...

Corporate Joint Venture Termination and Exit in the UK: Events, Procedures, Put/Call Options, Deadlock Mechanisms, Share Transfers, Liquidation, Merger Control and Listed Company Issues

Published by a LexisNexis Corporate expert

Practice notes

Provision for termination

When setting up a joint venture (jv), parties will frequently have an early view on both the circumstances that might justify termination and the likely timing for that outcome. By way of illustration, a JV established to deliver a discrete project would typically be brought to an end once that project has been completed. Alternatively, the participants may agree a fixed term, at the expiry of which the JV should conclude. Another common position is that the parties intend to realise their investment within a defined period, whether by selling the entire joint venture company (JVC) to an external buyer or by listing the JVC on a stock exchange. Exit may follow a listing or a sale of the JVC to a buyer. Nevertheless, even where no express intentions are documented at the start regarding how and when the JV should terminate, it remains important to assess the types of events that could precipitate termination. The joint venture agreement (JVA) should therefore stipulate the procedures to be followed to terminate the JV if and when such events occur...

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Web page updated on 21/05/2026

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