1. To establish or agree upon specific conditions, rules, or requirements for an agreement or arrangement
The two companies set terms for their partnership agreement.
As duas empresas estabeleceram os termos do acordo de parceria.
2. To determine the conditions under which something will occur or be done
Before signing the contract, we need to set terms regarding payment and delivery.
Antes de assinar o contrato, precisamos fixar as condições sobre pagamento e entrega.