After reading about
DHCP on Microsoft's website, it appears that the DHCP client goes through a Renewing State at 50% of the lease time. A key value in the Windows Registry called DhcpRetryTime appears to verify this.
However, one would expect the DHCP server to automatically expire a lease that it has just renewed -- even if time remains on the lease. Does m0n0wall's dhcpd have a parameter that can adjust this behavior?