Contract Renewal
When a contract is up for renewal, both parties have the opportunity to renegotiate the terms of the agreement. This can include changes to the price, length of the contract, or scope of work. If both parties are happy with the current arrangement, they can simply agree to renew the contract as is. However, if either party wants to make changes, they will need to negotiate a new agreement.
The renewal process gives both sides an opportunity to reassess the situation and decide if they want to continue working together. It also allows them to negotiate better terms for themselves, which can lead to a more successful and beneficial relationship.