renewalre·new·al /rɪˈnjuːəl-ˈnuː-/ noun1[countableC, uncountableU]COMMERCE when people arrange for a contract, agreement, deal etc to continueThe contractcomes up for renewal next year.
The government can deny license renewals if a station doesn’t carry adequate programming for children.
a six-month renewal option
2[uncountableU] when a company, economy, area etc is changed and improvedproposals for economic renewal and growth
→ corporate renewal → inner city renewal