The Redemption Period is a policy started by ICANN and the Registry Operators. This is a 30 day registry-imposed hold period for domain names which have expired and were not renewed by the customer.
Normally domain names would be deleted at this point, but the redemption period provides the customer with one last chance to recover the domain before it’s dropped and potentially registered by a new owner.
To renew a domain that is in the redemption period, there is a RGP (Redemption Grace Period) fee that is applicable, in addition to the regular renewal fees. This process can take up to 4 business days. If you wish to renew a domain name whilst it’s in this period, please lodge a new Ticket to our Support team via BITPORTAL. The RGP fee is considered to be $100 in most cases (in addition to the regular domain name renewal fee). Our billing department can confirm the exact pricing.
Alternatively, there is always the option of waiting out the entire redemption grace period which lasts for 30 days, following this period the domain name will be completed deleted and dropped into the available domain pool approximately 5-6 days later. Once the domain name is deleted it is available to register by anyone, so the risk of losing it to a new customer is very high.
You can read more on the Redemption Period online at http://www.icann.org/registrars/redemption-proposal-14feb02.htm