A term is a period of duration, time or occurrence, in relation to an event. To differentiate an interval or duration, common phrases are used to distinguish the observance of length are near-term or short-term, medium-term or mid-term and long-term. It is also used as part of a calendar year, especially one of the three parts of an academic term and working year in the United Kingdom; Michaelmas term, Lent term or Easter term, the equivalent to the American semester.