Renew Contract

To renew a contract is a new contract that is created after the expiration of the original contract. The terms of the new contract are typically the same as the terms of the expired contract, with some changes to reflect the current situation. For example, if you originally signed a one-year lease for an apartment, and your landlord offers to renew your lease for another year, the new lease will likely have the same monthly rent amount and length of time. However, it may include some updated clauses or provisions, such as a change in pet policy or updated contact information.