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English definition of “lapse”

lapse

verb [I]     /læps/
if something such as an agreement lapses, it ends legally or officially because nothing has been done to make it continue, for example because payments are not made: The agreement ran for three years, after which they decided to allow it to lapse. Many uninsured drivers aren't even aware that their insurance has lapsed.
(Definition of lapse verb from the Cambridge Business English Dictionary © Cambridge University Press)
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