Rated speed also known as contract speed, is the maximum permissable speed for an elevator. Any given elevator may travel at, or slower than the rated speed, but never above it.
Safety[]
The rated speed is enforced by the overspeed governor. When a lift reaches a predetermined excess of its contract speed, the governor will activate and break the safety circuit on the lift, forcing the motor brake to apply and the motor to power off. If this fails to stop the lift, the governor also engages emergency brakes on the lift car itself to quickly decelerate the lift car.