lapse
verb [ I ]
uk/læps/ usif 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.
Phrasal verb
lapse into sth
lapse
noun
uk/læps/ us [ C ]
a mistake that is made because of a temporary lack of attention to something:
lapse in sth There had been a lapse in security at the company, and the personal details of hundreds of customers had been made public.
a security lapse
[ C, usually singular ]
a period of time that passes between two things happening:
The company will resume paying a quarterly dividend on common shares, following a two-year lapse.
a time lapse