A formal contract is signed which is renewable annually.是什么意思？

A formal contract is signed which is renewable annually.

正式签订了每年可续签的合同。

formal

adj. （学校教育或培训）正规的，方式上的，礼仪上的；n. <美>须穿礼服的社交集会，<口>夜礼服；

例句
...a formal statement abjuring military action.
表示放弃军事行动的正式声明

contract

n. 合同，契约，协议；

例句
The House of Lords affirmed that the terms of a contract cannot be rewritten retrospectively.
上议院申明合同条款改写后不具备追溯效力。

is

vt.& vi. 是（be的三单形式；n. 存在；

例句
Bollinger 'RD' is a rare, highly prized wine.
博林格RD香槟是一种名贵的备受推崇的葡萄酒。

signed

adj. 有符号的，有正负之分的；

例句
The two countries signed an agreement to jointly launch satellites.
两国曾签订了联合发射人造卫星的协议。

which

pron. 哪一个，哪一些，哪个，那，指前面提到的事物；adj. 哪一个，哪一些；

例句
...the latest date at which a foetus can be aborted.
能够打胎的最迟日期

renewable

adj. 可继续的，可续订的，可更新的，可再生的，可翻新的；

例句
A formal contract is signed which is renewable annually.
正式签订了每年可续签的合同。

annually

adv. 每年，每年一次，一年一度；

例句
Seven million doses of vaccine are annually given to British children.
英国孩子每年要接种7百万剂疫苗。