Renewal Definition: Renewal is when a term of payments or an agreement, including a lease or loan, is renewed for the same term as the original agreement or for a different time frame. It’s a way to extend or renew the contract, often with all the exact specifications in the original agreement.
The option for renewal may vary depending on the contract details, which may include conditions on when a renewal can be requested or take effect and how many people are required to request or approve the renewal if there is more than one party in the agreement.
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