62.1 Upon agreement of the Parties and upon satisfactory completion by the Parties of all obligations under this Agreement, this Agreement may be renewed up to [insert number] time(s), each time for an additional term of up to [insert number] years, subject to the following:

(a) The Party wishing to renew the Agreement shall so notify the other Party [or Parties] in writing, no less than 3 months prior to the date of expiry of the Agreement in accordance with the term provided for in Section 8;

(b) The Parties shall review and may, where necessary, vary in writing in accordance with Section 68.5 such terms of this Agreement as necessary to reflect conditions existing at the time of renewal, and conditions foreseeable in the future. In any event, the Parties shall review and where necessary modify the Rental Amount provided for in Section 19;

(c) This Agreement shall remain in effect for the period during which the Parties are reviewing and where necessary modifying the terms of the Agreement in accordance with the previous paragraph; and

(d) Where the Parties have not reached a satisfactory agreement for the modification of this Agreement for the purposes of renewal within 3 months of the date of expiry of the Agreement in accordance with Section 8, the Agreement shall expire, and processes for the return of land and assets in accordance with Sections 65 and 66 shall commence.

For more information: See generally UNIDROIT & IFAD, 2021, Chapter 4.I.D (Duration and Renewal).