What does "extend the rates" actually mean in contract management?

Question:

For example, when a buyer requests that he wishes to "extend the rates" of a contract coming to the end of it's life...

Answer:
I assume this relates to Discount rates ..

For example,
1) if the Contact allows a rebate of 5% when the total number of items purchased during the Contract period exceeds some 'target', and the target has now been met, the Buyer may want to maintain the prices at the current discounted level (rather than resetting the count to 0 and starting again).

2) if the Contract has 5% price breakpoints for Qty = 10, 25, 50, 100, then he may now wish to use the same formula to calculate Discount prices for 500 & 1000 off.

What does "extend the rates" actually mean in contract management?

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