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The question is about this phrase "Only one challenge can be issued per close combat"

I understand that only one can be issued at a time.
The question is basically if the challenge ends before the combat does, can a new challenge be issued in the next round?

For example:
Elves v Orcs
A challenge is issued and accepted.
Suppose the Elf wins the combat in the 1st round of combat, but the combat between the units continues to round 2.
Assuming there are other characters that can accept a challenge, can a second challenge be issued?

No challenge can be issued as long as that combat continues.

I do not know how this interacts with say, a second unit joining an ongoing combat (from the flank) perhaps. That unit may be able to declare a challenge... not sure.