The Notice of Contract Termination is a letter sent by one contracting party to the other party to terminate the contract and provide the effective date of the termination. This program provides two options for reasons to terminate the contract. Under the first option, the contract is terminated by relying on a specific provision in the contract that permits termination (generally after providing the advance written notice to the other party) without cause, that is, even without any default in performance by the other party. Second, the contract may be terminated because one of the parties defaulted on the contract. To default means to fail to perform a duty or obligation imposed by the terms of the contract. If one party to the contract defaults, then the other party must usually provide notice of the default and provide a reasonable time within which the defaulting party can cure the default. The contract may specify what is the minimum cure period. If, after the specified time, the defaulting party has failed to cure the default, then the non-defaulting party may wish to terminate the contract or pursue other legal remedies. Consult an attorney before pursuing other remedies. |