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In no event shall total unexpired term of a registration exceed ten (10) years.
So there you have it folks, right from ICANN themselves. If you have a lot of domain names - like me - you may want to keep them reserved one a year at a time, to keep your costs down. Or, if you have a company name not likely to be sold in future, you can register it for 10 years at a big savings off of regular price.
After digging and digging around, at several ICANN accredited registrars, I was hard pressed to find even one that allowed anything but old two year registrations. I did finally find one Canadian company that does one to ten year registrations (partnered with Melbourne IT an ICANN accredited registrar). The fact that they have a shopping cart to allow multiple registrations and a real time database is just icing on cake.
With 21 domain names to register, I'm happy to say that I saved over $600 US by being able to register them for a single year, instead of two, and I submitted them all with a single mouse click.
Michael Campbell Author, Nothing But 'Net http://www.longdomainnamesforsale.com