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Definition. Renewal terms are the terms in a sales agreement that specify whether each line in a sales agreement is renewable and when the lines can be renewed.
Generally speaking, however, renewing a contract means continuing the business relationship with a new agreement that replaces the prior agreement. A contract extension, by contrast, typically refers to an add-on agreement that extends the terms of the existing contract for a finite, additional period.
Renewal provisions are often found in leases, promissory notes, or insurance policies. Parties may contract to have renewal provisions occur automatically after a period of time, or to require that one party gives notice of their intent to renew the contract.
Extension normally refers to a lengthening of time for an existing contract. Renewal normally contemplates an entirely new contract. This can be a distinction without a difference in some situations, but in complicated contracts it can have legal consequences.
The first duration of a Contract (the Term) following its Execution, after which the Contract will either Terminate or Renew. This will be done either automatically unless Notice is given, or by agreement.
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Initial Contract Period means the period from the Commencement Date to the Finish Date or such earlier date of termination of the Contract in accordance with the Law or the provisions of the Contract.
An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract bdocHub), or one of the contracting parties has sent a
Generally speaking, however, renewing a contract means continuing the business relationship with a new agreement that replaces the prior agreement. A contract extension, by contrast, typically refers to an add-on agreement that extends the terms of the existing contract for a finite, additional period.
(also known as auto-renewal) Is a billing process where the customers subscription is set to be renewed automatically at the end of their subscription period weekly, monthly, annually or any other agreed-upon period of time without the customer having to take action.
By definition, a lease renewal is a new lease agreement, whereas a lease extension is a continuation of the original lease agreement. Generally speaking, the practical effect of either is that the parties to the lease continue the landlord-tenant relationship beyond the expiration of the original term of the lease.

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