Mutt ,
I got the latest definition from the JAR's . You'll like this one better.thank you ,here it is.
'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.(Amended by Orange Paper Amendment 1/99/1)