In plain English
It refers to the next span of time covered when an agreement carries on again. In plain terms, it is how long the contract lasts in its renewed period.
In context
Here, "renewal term" denotes the length of the period the contract will run after renewal.
- Situation
- Processing amendments, renewals, extensions, suspension, and termination
- What it communicates
- names the field for the next period's length
Meaning limits
By itself, the term does not say whether renewal will occur or what other terms apply during that period.
Examples
“The original contract lasted one year, but the renewal term ran for only six months.”
“At the meeting, the parties set the renewal term at three years.”