FixedTerm

Fixed-term refers to an agreement, arrangement, or commitment that has a specified duration and is not intended to continue beyond a defined end date. A fixed-term contract ends on a pre-specified date or after a particular period, whereas arrangements described as open-ended or permanent are not bounded by a fixed termination date.

In employment, fixed-term contracts are used for project-based work, seasonal staffing, temporary replacements, or to assess a worker before possible permanent hire. They specify start and end dates or a set duration. Depending on jurisdiction, there may be limits on the number of renewals, requirements to convert to a permanent contract after a certain period, and obligations regarding notice and severance at termination. Fixed-term employment is often subject to labor-law rules designed to prevent the use of temporary contracts to circumvent permanent hiring.

In tenancy, fixed-term leases set a start date and a fixed end date for renting a dwelling. They provide stability for tenants and landlords but may restrict options during the term. At the end of the term, renewal, renegotiation of terms, or transition to a periodic lease may occur, depending on local law and the lease agreement.

Other uses include fixed-term loans or grants with defined repayment schedules or disbursement periods, and fixed-term academic appointments with predetermined end dates.

Advantages include predictability and flexibility for organizations; drawbacks include potential uncertainty for individuals and limited portability between jobs or residences. Fixed-term arrangements are governed by contract law and sector-specific regulations that vary by jurisdiction.