The contract will be for one year and during the year they will be able to negotiate the contract for 2022 and subsequent years.

The Sportspedia

Finally the Mercedes F1 team and the Seven-time F1, Champion Lewis Hamilton (ENG), renewed their contract for 2021.

The contract will be for one year and during the year they will be able to negotiate the contract for 2022 and subsequent years.

Mercedes AMG F1 statement: https://www.mercedesamgf1.com/en/news/2021/02/mercedes-f1-lewis-hamilton-agree-new-contract-2021/