If an open-ended contract has no specified date for renewal, how much time is allowed before termination?

What is the legal standard for an acceptable (default) time period to renew a contract which does not specify an actual time period for renewal?


Must this renewal be in writing?


If a specified amount of money involved in renewing a contract is not received in a timely manner, does lessor have the option not to renew?


What does the term "option to renew" entail?|||Hi!





While I need more details (such as the language in the term, termination and renewal sections) to be completely helpful here, let's assume that you had a 1-year lease. Let's also assume that the language in the agreement says that you have the "option to renew" the lease at the end of the term for additional terms. Let's finally assume that there isn't any more detail than that.





So, first, you have a 1 year term. Second, the "option to renew" means that you have the ability to tell the landlord that you want to continue. If it's a "sole" option to renew, the landlord doesn't have the ability to say "no" if you want to renew, unless you've otherwise violated the terms of the lease. But most landlords would rather have a good, paying tenant than no tenant.





Third, if there isn't a specific period of time in which you MUST provide notice of your intent to renew, simply staying in the leased property and paying the next months' rent is usually good enough to show your intent. It is much better, however, PRIOR to the end of the current term to announce (doesn't have to be in writing, but it's preferrable) that you want to continue the lease.





The lease will then renew for a period of time equal to that of the original term (in this case, 1 year) unless stated otherwise in the agreement. Many times, leases will say that if you do not provide notice to renew, but stay in the leased property, the lease will convert to a month-to-month term lease... which can be problematic at times.





So... if you intend to renew, I would let the landlord know about 30 days prior to end of the current term (send written notice with your next-to-last rent payment).





Good luck!|||I believe contract has to have a specific time period. In a rental situation, it's normally one year. Without reading the contract, nobody can really tell you the specifics. Option to renew sounds like unless it's renewed, the contract will terminate after a specific time period (one year?)