one of my prospect domain name expired for a month already...only now they ask me to renew it but i can't cause its already gone into status of redemptionPeriod?

actually what does it mean by redemption period? Does this mean its open for sales for just the original registrant can redeem it back?
what is the process involved to get the domain back?

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When in the redemption period, you have to contact your registrar to request for a renewal. The registrar will normally charge a restoration / reactivation fee. The fee varies depending on the registrar. It can be USD100 or more. The registrar has to request that the domain be restored at the registry, they cannot just renew it like normal.

The redemption period is normally for 30 days, but this may depend on the registrar and can be between 1 - 30 days. After the redemption period, the domain will go into a pending Delete status for 5 days. Then the domain will be deleted by the registry and open to public again.

If you want your domain, you should contact your registrar for further details on the exact procedure. You should also find out why they did not send you a renewal reminder much earlier. Hopefully it is not because your registrar knows that they can earn more money from the late renewal fees this way. If so, you should change registrars.

thank mylinear for the indepth explanation....
now that it confirm that the prospect been somehow misleaded by their hosting provider....

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i dont know how to renew ?
if any one asit me ? how much it will be cost ?

Where did you register your domain? Check their website for renewal price.