> For the complete documentation index, see [llms.txt](https://docs.term.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.term.finance/terminal-1-execution/risks-and-failure-modes/disclosures.md).

# Disclosures

Terminal 1 is an execution layer. It composes actions across Term and connected venues, but it does not change the underlying protocol rules, economic parameters, or risk characteristics of the venues used.

* **No guarantee of execution or fill.** Routes may revert if required constraints cannot be satisfied at execution time. Intents may not match if liquidity is not available under your constraints.
* **No guarantee of price.** Any workflow that depends on market liquidity (including swaps) is subject to price impact and changing quotes. Terminal 1 uses constraints and UI buffers to reduce avoidable failures, but does not guarantee a specific execution price.
* **External venues can fail or be unavailable.** Routes may depend on third-party protocols, aggregators, and RPC infrastructure. Outages, paused markets, capacity limits, or integration changes can cause routes to fail.
* **Authorization is scoped but still meaningful.** Terminal 1 requires token authorization (approvals, permits, or Safe batch steps). You should review which tokens are authorized, the maximum spend, and the spender contract before signing.
* **UI previews are estimates.** Previews reflect current observable state and may differ from execution due to state changes, latency, or market movement. The onchain transaction result is the source of truth.
* **Risk is not removed.** Collateralization, liquidation risk, and venue-specific rules still apply. Terminal 1 reduces operational sequencing risk, but does not eliminate market or protocol risk.

<figure><img src="/files/Oh4uHYboNM6qcfj2Agup" alt=""><figcaption></figcaption></figure>

### Protocol disclosures still apply

Users remain subject to the underlying product risks and legal terms.

Review:

* [Risk Disclosures](/protocol/risk-disclosures.md)
* [Term Repo Risks](/protocol/risk-disclosures/term-repo-risks.md)
* [Smart Contract Risk](/protocol/risk-disclosures/smart-contract-risk.md)
* [Terms of Use](/legal/terms-of-use.md)

{% hint style="info" %}
Users are responsible for reviewing route parameters before signing.
{% endhint %}