Term, Due Date
The period of time limit is the deadline for a certain thing. Alternatively, this can describe a term for something, like the repayment of debts, or some sort of due date.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.
If we don't set a deadline for our work, I don't think it will ever get done.
I have to leave Japan next month because my visa will expire.