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》

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。

youdao

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.

我们的合作期定为10年，只要双方愿意，期满后我们还可以继续签合同。

youdao

Phiri, the former coach of the Zambian national team, has been offered a one-year renewable contract, and is expected to take up his post at the beginning of January.

BBC: Former Zambian international Patrick Phiri

The 59-year-old is on a two-year renewable contract.

BBC: Ziese feels Ghana heat

"I can confirm that Patrick has signed a one-year renewable contract and is expected to start work on 4 January, " Suleyman Saleh, the spokesperson of Mohammed Enterprises company told the BBC Sport website.

BBC: Former Zambian international Patrick Phiri