Tag: Contract Renewal

Contract renewal strategy focuses on maximizing existing accounts instead of relying on new business for companies. When contracts are signed, a fixed duration is also stated. The contract is applicable only within this period, known as tenure. After the tenure ends, the agreement is null and void. If all parties are satisfied with the contract, they may renew the same agreement. While renewing the contract, the parties can also change the existing terms as needed.

Contract renewal is the final stage in a contract lifecycle where there is an extension of an existing contract for a new term. This stage comes when businesses decide after the end of an agreement and the parties decide if they would like to continue the business relationship.