Expiration, or termination, refers to the end of a contract or agreement when its specified duration has lapsed. This can occur automatically when the time period outlined in the contract concludes, meaning that the obligations and rights of the parties involved cease to exist. In some cases, expiration can also happen due to specific conditions being met, such as the completion of a project or the achievement of certain milestones. It is important for parties to understand the terms of their agreement to know when and how expiration may occur, ensuring they are prepared for any necessary actions or renewals.