When getting an upgrade on verizon, do you begin a new contract?

My iPhone 4 finally broke and i have an upgrade on my verizon plan. I want to get the iPhone 5 using my upgrade. If I do that, is my contract going to restart again for another 2 years, or is the contract I have now going to continue until it is suppose to end?

Sure, yes your contract restarts, when you upgrade. You will not be able to get a free/discounted phone upgrade until your old contract is over.

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