renewal
noun [ C or U ]
uk/rɪˈnjuːəl/ us/rɪˈnuːəl/the act of making an agreement continue for an extra period of time after it has come to an end:
contract/licence renewals
The purchases are subject to annual renewal.
be due for renewal If your car tax is due for renewal, do it before Budget day.
the act or process of making changes to something in order to improve it so that it becomes more successful:
economic renewal
a situation in which something begins again after having stopped for a period of time:
Pharmaceutical shares also benefited from the renewal of interest in growth stocks.
be/come up for renewal
if an agreement is up for renewal, it will soon end, and an arrangement needs to be made if you want to continue it for an extra period of time:
30% of retailers were thinking of pulling out when contracts come up for renewal.
See also
corporate renewal
urban renewal