Long-Term
/ˈlɔŋˌtɜrm/
Definitions
- (adj.) Relating to or extending over a considerable duration, especially beyond the immediate or short term, often used in contracts, investments, or planning.
The parties agreed to a long-term lease lasting twenty years.
- (adj.) Denoting obligations, liabilities, or assets not due or realizable within one year.
Long-term liabilities must be disclosed in the financial statements.
Related terms
See also
Commentary
The term is typically adjectival and used to qualify periods, obligations, or agreements extending beyond one year in legal contexts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.