You Will have 7 days, and the price you pay to renew is contrat Will be lower If you renew is contract next season.
This is because you have to pay 10% of the MARKET VALUE to renew is contract, since the MV reduces at the beggining of each season, you pay less.

About second question, its the same thing, you can only renew for 2 more years, só If you renew this season in the contract Will appear 3 seasons, If you renew next season in the contract Will appear 2 seasons.