Guide on how to terminate a contract*
Go to the Contract’s Details page and review the information below Dates & Periods. Take note of the following three areas:
A termination notice is the formal notification of the end of the contract, for example 1 month. In many cases this means that if the customer does not notify the supplier in writing 1 months before the end date of the contract that he wishes to terminate it, the contract will be automatically renewed for a new period.
Current end date
The end date of the current contract period.
If not terminated by...
This information here is based on the data that you have entered when the contract was created. From here you can understand what is the final data when a termination notice should be sent.
Download the Word document Contract termination template.docx and fill out the correct details. Then, send the notification to the supplier.
On the Contract’s Details page, click on the Edit button and do the following:
- Change the status of the contract to Terminated. In the future when the contract expires, you may change the status to Archived.
- Scroll down to the Dates and Periods section and check the box Denunciated.
- In the Actual termination date field, enter the date when you have terminated the contract.
- In the Actual expiration date field, enter the date when the contract expires.
- If there are any unfinished to-dos connected to the contract, make sure to also change their status to Finished.
- Then, save the contract
* You may use this guide at your own risk. Contractpedia is not responsible for any loss or damage of any type or kind, arising from your use of this guide.