diference between renewal and nonrenewal
Renewal refers to the act of extending or continuing a subscription, contract, license, or lease for another term or period of time. This typically involves signing a new agreement or contract to continue the existing arrangement.
Nonrenewal, on the other hand, refers to the decision not to extend or continue a subscription, contract, license, or lease for another term or period of time. This usually involves giving notice to the other party that the current agreement will not be renewed and will be terminated at the end of the current term.