This policy applies to all domain types that ICANN is the domain authority for, which is most common TLD (top level domains) such as .com, .net, .org, etc.
When updating the registrant contact information, such as any material changes to the first name, last name, organization field, or email within the registrant contact object will start the process. An approval email will go out to both the old and new registrants. Both the new and the prior registrant need to approve the change of registrant request.
You have sever (7) days to confirm these changes. If any party rejects the changes, the changes will revert to before they were updated.
