The Fastest Lap of a race is a term which describes the quickest lap time set during a race (excluding practice and qualifying sessions). It is distinct from the Lap Record which describes the fastest lap time ever set on a particular circuit (though the two occasionally coincide). Between 1950 and 1959, a bonus World Championship point was awarded to the holder of the fastest lap for each race. Due to limitations in timing precision at the time, this was occasionally shared. In fact, at the 1954 British Grand Prix, seven drivers shared the bonus point for fastest lap.