Generally, a renewal option is a clause in a contract that allows one or more parties to the contract to renew the contract for a term of a predetermined length.
A Music Recording Contract will have an initial recording period which consists typically of the time required to create and distribute one album. The recording company may request the right to option or renew the contract for one or more subsequent albums. This option is usually at the complete discretion of the recording company.
"Renewal Option" is referred to in the following legal documents:
