The day on which a swap contract becomes invalid and no further exchanges will occur. A final payment is made upon a swap's termination.
The termination date is also referred to as a swap's "expiration date".
Investopedia Says:
Unlike futures contracts, swaps are not standardized, allowing for more customized terms. While traded futures will all be settled on the third Friday of the expiration month, a swap may be terminated on whichever date the parties agree to.
