At the last resort, a pilot should decide to abort the take-off…
EASA CS Definitions:
'V1' means the maximum speed in the take-off at which the pilot must take the first action (e.g. apply brakes, reduce thrust, deploy speed brakes) to stop the aeroplane within the accelerate-stop distance. V1 also means the minimum speed in the take-off, following a failure of the critical engine at VEF, at which the pilot can continue the take-off and achieve the required height above the take-off surface within the take-off distance.
So, V1 is the final speed at which the first action to abort the take off can be taken. At any speed above this, an abort attempt should not be made as the aeroplane may not be stopped within the ASDA. At any speed at or below V1, the takeoff can be safely aborted.
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