The lifetime of a swap at the end of which parties to the swap no longer pay obligations since it ceases to exist. For example, a swap may have a 3-year term during which the two counterparties exchange payments based on two different rates every 6 months. This swap term encompasses 6 fixing dates (resetting points) at each of which net payment is made by the net payer counterparty to the net receiver counterparty.

The swap term is also called a swap tenor.