Automatic renewals define how the contract term is extended after the contract end is reached, for example, by one year. In contrast to options, renewals always take effect automatically. If a renewal should not take effect, then it has to be rejected in writing by either the contractee (such as the tenant) or contractor (such as the landlord).
Option
The contractee has the option to extend the contract while retaining the current conditions. Options have to be accepted by the contractee in writing ("express statement") before they take effect. When there is more than one option, each one has to be accepted in writing individually. The acceptance of the option results in the extension of the contract term. If the date for the acceptance passes without this express statement being made in writing, then all subsequent options for the contract are also invalid.
Hierarchy 
EA-FIN (Software Component) EA-FIN
RE-FX-CN (Application Component) Real Estate Contract
RE_TM_PE (Package) RE: Terms - Period (Terms for Term)
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