Jurisdiction(s):
United Kingdom

Related legal acts

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,...

Termination of agency (non-commercial): agreement, breach and operation of law; insolvency restrictions; commission claims and other consequences; irrevocable authority; notice to third parties

Published by a LexisNexis Commercial expert

Practice notes

This Practice Note considers the events and circumstances that may bring an agency relationship to a close, and the implications of ending an agency for the parties involved. This Practice Note does not cover the consequences of bringing a commercial agency to an end; for that, see Practice Note: Termination of commercial agency. An agency may conclude by:

agreement between the parties
another act of the parties
operation of law

Termination by agreement or act of the parties

The parties may end the agency by mutual consent, or either party may treat it as terminated because the other’s conduct amounts to repudiation (see Practice Notes: Termination and expiry of contracts and Repudiation of contract). Written agency agreements should specify any minimum terms and applicable notice periods, identify breaches that entitle termination, and include any particular provisions that apply after notice is served and once termination takes effect during and after the notice period...

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Web page updated on 22/05/2026

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