Termination of Contract

Termination of a contract refers to the process of ending a legally binding agreement between parties. This can occur in various ways: mutual agreement, fulfillment of contractual obligations, or due to failure to meet terms (breach). Reasons might include non-payment, failure to deliver goods or services, or changes in circumstances. Once a contract is terminated, parties generally are released from their obligations, but may still need to address any outstanding responsibilities or liabilities. Understanding the terms and conditions of a contract can help parties know their rights and obligations upon termination.