noun, noun or participle which takes 'suru', intransitive verb
lapse; expiration; invalidation; becoming void
Refers to a right, contract, license, or legal effect ceasing to be valid, often due to the passage of time or failure to meet conditions. Common in formal and legal contexts.
この契約は来月で失効します。
This contract will expire next month.
期限
When the deadline passes, that right lapses.