In this part --
unexpired term, of an engagement of a person as a service contractor or an authorisation of a person as a letting agent, includes the term of--
(a) a right or option of extension or renewal of the engagement or authorisation, whether provided for in the engagement or authorisation or subsequently approved by the body corporate; and
(b) a subsequent right or option, under section 117 or 118, for the engagement or authorisation.