Renewal Rights

Renewal rights refer to the contractual permission a tenant or licensee has to continue using or occupying a property or service after the initial agreement expires. Typically, these rights specify the conditions under which the lease or contract can be renewed, often requiring notification or compliance with certain terms. They provide stability and predictability for both parties, ensuring ongoing access or use without needing to negotiate a new contract each time, as long as conditions are met. Essentially, renewal rights are the agreed-upon option to extend an existing agreement beyond its original term.