Pass by circuit on Silverstone's borders (5)
I believe the answer is:
lapse
'pass by' is the definition.
(thesaurus)
'circuit on silverstone's borders' is the wordplay.
'circuit' becomes 'lap' (synonyms).
'on' says to put letters next to each other.
'borders' says to hollow out the word (remove centre letters) (only the edge or border letters remain).
'silverstone' with its middle removed is 'se'.
'lap'+'se'='LAPSE'
(Other definitions for lapse that I've seen before include "Fail in duty" , "A slight error or a passage of time" , "Become void, expire" , "Brief failure (of concentration)" , "Negligence" .)