If you want to terminate a contract, how do you go about doing it?
Here are three steps you’ll want to take…
1. Identify why you want to end the agreement. Did the other party breach the contract? Or do you want to not renew it (or end it early) for other reasons?
2. Follow the instructions. An agreement should have provisions that specify how to end the contractual relationship. These provisions often vary based on the reason for termination.
For example, before you end for breach of contract, the agreement may require you to give the other party notice. And the party may have an opportunity to cure the breach.
And if there’s an auto-renewal provision? The contract should tell you when and how to give notice you want to end the agreement rather than renew for a new term.
3. Document notification. Keep proof that you provided notice of termination.
What if you’re required to mail the notice? Use a postal option that provides proof of delivery to the other party (e.g. a signature by the recipient).
Or if the contract provides for notice by email? Be sure to keep copies of the other party’s acknowledgement they received the notice.
Do you need business contracts reviewed or a new agreement prepared? It’s time to talk with Business Lawyer Mike Young.
