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What is a Contract Termination Letter?
A Contract Termination Letter is a crucial document used to formally communicate the decision to terminate a contract and initiate any “off-boarding” processes. Contract Termination Letters create a record that you notified the other party about the cancellation of the contract, providing proof in case of any future disputes.
Contract Termination Letters are often direct, brief and formal, stating the decision to end the contract, the effective end date, and terms of termination. In the case of a breach of contract, details about the breach and any remedies offered may be included.
Regardless of the reason for termination, it's important to draft a clear and concise Contract Termination Letter to protect your rights and interests.
When to use a Contract Termination Letter:
- You want to notify a party to a contract that the contract is being terminated and to provide the date of termination.
- You want to document your intent to terminate a contract and the date you notified other parties to the contract of your intention.