Another Word for Expired Contract: What You Need to Know
Contracts are vital in various industries and businesses. They define the relationship between two parties, the terms and conditions, expectations, and responsibilities. However, as with everything in life, contracts have a lifespan, and once they expire, both parties need to know what to do next.
When a contract expires, it means that its duration has ended, and both parties are no longer bound by its terms and conditions. In other words, the contract becomes void, and it no longer holds any legal or binding power over the signing parties. So, if one of the parties wants to continue the same relationship, they will need to create a new contract.
While “expired” is the most common word used to describe the end of a contract`s duration, there are several alternative phrases that can be used. Here are some of the most commonly used alternatives to “expired” when referring to a contract:
Terminated is another word for expired contract and signifies that it ended prematurely or by mutual agreement. A terminated contract also refers to a situation where either party has breached the terms and conditions of the contract, leading to its premature end.
A lapsed contract refers to a situation where its duration ended without being renewed, extended, or terminated. In this case, the contract ends by default as a result of negligence or oversight from both parties.
A completed contract refers to a scenario where all the parties involved have fulfilled their contractual obligations. Therefore, the contract has reached its natural end, and no further action is necessary.
Fulfilled is similar to completed and refers to a situation where both parties fulfilled their contractual obligations earlier than expected. In this case, the contract`s lifespan ends earlier than initially agreed upon.
Expunged means that the contract has been legally erased and is no longer in existence. This can happen for various reasons, such as the contract being illegal or invalid, or if it is found to be fraudulent, to name a few.
In summary, while “expired” is the most common word used to describe the end of a contract`s duration, there are several alternative phrases that can be used. If you are dealing with a contract that has ended, whether it`s through expiration, termination, or another means, it`s important to understand the terminology and its implications. By doing so, you can ensure that you follow the necessary legal procedures and protect your rights and interests.