In plain English
A renewal keeps the same contract going for another contract period. The current term finishes, and the contract then continues into a new term.
In context
Here, "renewal" labels the stage where the contract is being continued into a new term after the current term ends.
- Situation
- Processing amendments, renewals, extensions, suspension, and termination
- What it communicates
- labels the next-term continuation stage in the dashboard
Meaning limits
By itself, "renewal" does not state the length, dates, or detailed terms of the new term.
Examples
“When the original lease term ended, the renewal moved the lease into a second one-year term.”
“Once the current term had ended, the tenancy was in renewal for a new fixed period.”