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RedemptionPeriod
If your domain name expires, it costs a lot of effort to get it back. First of all there is supposed to be a grace period of one month. After this, most registrars will delete your domain name, and it then has a REDEMPTION PERIOD status. During this time, the original owner can buy it back, but there is a service charge for this of $200 USD, of which $85 goes to Verisign and the rest to ICANN. Here's a typical case: 

   Feb 20   Domain expires
   Mar 20   Register.com (registrar) deletes domain
   Mar 21   Original owner contacts Register.com, told to call back tomorrow
   Mar 25   Register.com says there has to be a $200 USD fee paid to DNS registry (Verisign/ICANN) to handle "paperwork" to remove from REDEMPTION PERIOD status. Impossible to call Verisign to find out length of redemption period, supposed to be 10 days - 30 days.
After the redemption period is over, the domain name becomes available for resale at market rates, but the original owner does not have a priori rights as they do during the redemption period.

Conclusion: This is the reason that we monitor domain name expiry for all customers and do everything we can to make sure any of our customers domain names are always renewed a full year in advance.

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