That is useful information, as the need for a contract with financial liability was not clearly described on the Open Source program landing/signup page. That unfortunately makes the program a non-starter from the POV of many of the open source projects I’m involved in. While most of the developers are doing work on behalf of their employer, the projects themselves are not formally represented by any organization. There is no way the individual contributors will be willing to sign a contract for the project which has any chance of turning into a financial liability. It would need to be much more like a traditional website Terms of Service agreement for it to be viable for non-sponsored open source projects.
The desire to have renewal process is understandable, but if not renewed, it needs to just revert back to the free tier, not turn into a paid tier with liability whoever signed up the open source project.