renewal

renewal definition - business

renewal

Extension of an agreement. Renewal of an insurance policy extends coverage for an additional period. Renewal of a loan results in an extension of the period when principal must be repaid.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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