{"ok":true,"canonical_url":"https://dealroom.so/glossary/contract-term","api_url":"https://dealroom.so/api/public/glossary/contract-term","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"contract-term","term":"Contract term","group":"People and paperwork","definition":"This specifies the duration or specific conditions that govern a legal agreement, such as a lease, supply agreement, or the purchase agreement itself.","what_it_means":"During due diligence, meticulously review all key contract terms to identify any hidden liabilities, renewal clauses, or change of ownership provisions. Your attorney should flag any terms that could negatively impact the business post-acquisition or violate loan covenants.","url":"https://dealroom.so/glossary/contract-term","official_sources":[],"related":[{"slug":"legal-due-diligence","term":"Legal due diligence","url":"https://dealroom.so/glossary/legal-due-diligence"},{"slug":"lease-agreement","term":"Lease agreement","url":"https://dealroom.so/glossary/lease-agreement"},{"slug":"loan-agreement","term":"Loan agreement","url":"https://dealroom.so/glossary/loan-agreement"},{"slug":"covenant","term":"Covenant","url":"https://dealroom.so/glossary/covenant"}],"related_questions":[{"question":"How does a lender determine affiliation when a prior owner retains less than 20% equity and a consulting contract?","url":"https://dealroom.so/for-lenders/questions/how-does-a-lender-determine-affiliation-when-a-prior-owner-retains-less-than-20-equity-and"},{"question":"When can a lender approve a short-term deferment or modification of a 7(a) loan's payment terms without prior SBA consent?","url":"https://dealroom.so/for-lenders/questions/when-can-a-lender-approve-a-short-term-deferment-or-modification-of-a-7-a-loan-s-payment-t"},{"question":"Can an SBA 7(a) loan finance tenant improvements on leased property if the lease term matches the loan term?","url":"https://dealroom.so/sba-7a/questions/can-an-sba-7-a-loan-finance-tenant-improvements-on-leased-property-if-the-lease-term-match"},{"question":"If I am buying a business that leases its property, can I get a longer loan term if the lease is long-term?","url":"https://dealroom.so/sba-7a/questions/if-i-am-buying-a-business-that-leases-its-property-can-i-get-a-longer-loan-term-if-the-lea"},{"question":"What is the typical repayment term for working capital only?","url":"https://dealroom.so/sba-loans/basics/what-is-the-typical-repayment-term-for-working-capital-only"},{"question":"What is the average repayment term length for an SBA 7(a) loan?","url":"https://dealroom.so/sba-loans/basics/what-is-the-average-repayment-term-length-for-an-sba-7-a-loan"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Contract term","url":"https://dealroom.so/glossary/contract-term","source_type":"DealRoom Data"}}