It appears that accepting the updated agreement on https://developer.apple.com/account should suffice. This was the case for me. It took about 6 minutes between accepting the agreement and Xcode being able to upload the app to Apple's notary service. However, note that that the actual required wait time may be lesser. I didn't have to accept an updated Paid Apps agreement.
Topic:
Developer Tools & Services
SubTopic:
Xcode
Tags: