renewal

Rehabilitation; reestablishment; substitution of a new right or obligation for another of the same or similar nature.

In regard to bonds, renewal signifies an extension of time for maturity. A stipulation for the renewal of a lease requires the making of a new lease, as opposed to an extension, which involves adding time to a leasehold agreement already in existence without executing a new instrument.

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renewal n. keeping an existing arrangement in force for an additional period of time, such as a lease, a promissory note, insurance policy or any other contract. Renewal usually requires a writing or some action which evidences the new term.

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renewal noun amelioration, comeback, enhancement, fixing, improvement, instauration, making over, melioration, mending, modernization, new start, readjustment, reanimation, rearrangement, rebirth, recharging, reclamation, recommencement, reconstruction, recrudescence, recrudescency, reestablishment, reformation, refreshment, regeneration, rehabilitation, reinstatement, reissue, rejuvenation, relapse, renaissance, renascence, renovatio, renovation, reopening, repair, repetition, replenishment, reproduction, restoration, resurrection, resuscitation, return, revamping, revision, revival, revivification, salvage
Associated concepts: motion to renew, renewal of a claim, renewal of a license, renewal of a motion

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See also: continuation, recrudescence, reform, rehabilitation, repair, reparation, replacement, resumption, resurgence, revival

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RENEWAL. A change of something old for for something new; as, the renewal of a note; the renewal of a lease. See Novation, and 1 Bouv. Inst. n. 800.