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The Termination of Contract Notice is a document by which a party notifies another party about the cancellation of a contract. This is used when a party wants to end their contract due to some reasons such as a party's failure to fulfill their obligations under the contract or a party's inability to keep the terms of the contract.
When a party enters into a binding contract or agreement with another party, they are required to fulfill their obligations under their agreement and failure to do so may amount to a breach or violation of the contract.
For example, a buyer in a Supply Contract may specify the type, brand, and specification of the products that the supplier would supply. If the supplier fails to meet their obligation, the buyer may opt to terminate the contract for the supplier's failure to perform their contractual obligations.
Generally, a party to a contract can not end the contract before the expiration of that contract. However, the party may be allowed to withdraw from the contract under certain circumstances. Under the general law of contract, a party can end or cancel a contract under the doctrine of frustration or sometimes referred to as force majeure, without being liable for breach of contract.
How to use this document
This form can be completed by entering the full names and addresses of the party sending the letter and party receiving the letter, the title of the contract that is being cancelled, the date of the contract, and the reason for cancelling the contract. After completing the document, it should be printed and signed by the party sending the letter.
After signing, the sender can send the letter to the recipient either by hand or by email. The sender of this notice can also keep a copy of this letter for record purposes.
The general rules of contract apply to this document.
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