V1 is the maximum speed at which a rejected takeoff can be initiated in the event of an emergency. V1 is also the minimum speed at which a pilot can continue takeoff following an engine failure.
Discussion
From the definition above, an engine failure that occurs prior to V1 must result in a rejected takeoff. If the failure occurs after V1, the takeoff must be continued. Transport category aircraft are certified, and their performance charts are developed, based on these criteria. However, the operational interpretation of V1 has not always been in sync with the engineering definitions or certification standards.