What are the differences between renewal and extension?
An example of an AI chatbot conversation about renewal vs extension differences.
What are the differences between renewal and extension?
Renewal typically refers to starting a new term for a contract or subscription, while extension means prolonging the current term.
Can you give me an example of each?
Sure! A renewal might be renewing a lease for another year, while an extension could be extending the lease for an additional month.
Are there any legal implications for each?
Yes, renewals often require a new agreement, while extensions may just modify the existing terms. It's best to check the contract.
Which option is generally better for businesses?
It depends on the situation. Renewals can provide stability, while extensions offer flexibility. Businesses should assess their needs.
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