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If you're referring to the Salesforce platform Spring, Summer, and Winter releases ..
- they happen automatically. One day you log into your environment and have a new, upgraded version which apply to all users
- they happen across a few different dates depending on which server your org is hosted on. Dates are listed on release notes SF publishes a month or so in advance
- you can sign up your Sandbox organizations to be a part of Sandbox previews where you get the new version in your Sandbox some time before production is upgraded. Do your testing and validation there for processes and custom development. The standard stuff should all be fine and thoroughly tested by Salesforce themselves, and even custom stuff shouldn't break all that often. Look out for feature retirements which can have negative impacts if you still use them
- you can still develop and deploy in your Sandbox and prod environments during the release windows. There may be a very shirt outage you wouldn't notice in the middle of the night but I've never experienced it.
Salesforce has a system wide release 3 times of year. Winter, Spring and Summer. Some of that you can upgrade to and others are automatic. Regardless there’s very minimal downtime and impact to your current instance.
What you should give more thought to is how your business will enhance the product yourself after it has been rolled out. Will you have an in-house team? Will you have a partner do the work? How often will you do releases? Monthly, quarterly or some other cadence. Personally I am fan of monthly and done in house. Make sure you track your enhancements and ROI
Other than above responses, your Salesforce AE should be able to arrange all this information officially.