Renewal
Update
noun, する verb
And again it has become new! It was old, but now it's all nice. This is quite the renewal.
こうしん
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.
先方は、いくつかの修正を伴う契約更新を提案してきているんだが、あまり気が進まないんだよね。
They are proposing an updated contract with several alterations, but I’m still reluctant.