Define: Renewal

In a legal context, renewal refers to the act of extending or continuing the validity, duration, or terms of a legal agreement, contract, lease, permit, license, or other contractual arrangement beyond its original expiration or termination date. Renewal typically involves the mutual agreement of the parties involved and may require compliance with certain procedural or substantive requirements specified in the original agreement or applicable law. Renewal may be automatic, occurring without the need for additional action by the parties, or it may require formal notice, negotiation, or execution of renewal documents. The terms and conditions of the renewed agreement may be the same as those in the original agreement or may be subject to modification or renegotiation. Renewal allows parties to continue their contractual relationship beyond the initial term, providing stability, continuity, and predictability in their business or legal dealings.

This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 29th March, 2024.