The notion of term , which comes from the Latin word placĭtum, refers to period stipulated for something . It's about a weather what it is planned or established for a certain purpose .
For example: "The government estimates that the works will be completed within six months", "I have until Friday to pay the loan fee", “The owner of the company made a proposal for me to analyze and told me that I have no time to respond”.
Suppose a family hire an architect for construction of a house . The professional, when analyzing the project, undertakes to finish the work in a one year term . This means that, according to plan, the family group should have the house completed in twelve months.
Take the case of cable television service payment . A certain company establishes among its conditions that customers must pay their invoices in the first ten days of each month. In this way, the subscribers are obliged to disburse the corresponding money within that period or, otherwise, they are left with the company and have to pay a surcharge.
In the field of professional sport , it is common for the entities that organize the competitions to set deadlines for the realization of certain actions. A league of soccer , to mention a case, you can decree that the term for hiring players It ends on March 15.
Finally, a fixed deposit , known colloquially as fixed term , is the one that does not allow the withdrawal of funds until a certain date. It is a investment since banking entities pay interest for the immobilization of those resources.