Can the creation of a contract which requires renewal after a period of time be possible, lets say every year?
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Can the creation of a contract which requires renewal after a period of time be possible, lets say every year?
i would like a contract which expires after a year and would require to be
renewed for continuation, if such a thing possible and what are the governing
acts and formalities
Asked on November 6, 2016 under Business Law, Alaska
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Such a thing is the easiest thing in the world and is very common--consider the average 1-year apartment lease or the average insurance policy, which are both contracts which require annual renewal. The contract simply needs to state its duration--i.e. one year from date of signing, or that expires on a certain date which you write in. It can also have have requirements for renewal which you and the other party agree to: it can be that it must be renewed in writing at least, say, 15 days (or 30 days, or 45, etc.) before expiration; or it could automatically renew for a year at a time unless one party specifically send in notice of non-renewal. There are no particular formalities required--the contract just needs to clearly state its duration and any renewal terms.
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