A formal contract is signed which is renewable annually.
签署的一份正式合同每年可续签一次。
《柯林斯英汉双解大词典》
2
Let's fix up a 10-year term of a renewable partnership, if both parties intend to, we can extend our contract.
我们的合作期定为10年,只要双方愿意,欺满后我们还可以续签合同。
3
Let's say we begin with a 10-year term of a renewable partnership; we can extend our contract for another term before it expires, if both parties intend to.