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To terminate a contract, first review the contract itself, focusing on the termination clause. This clause typically outlines specific procedures that must be followed, including providing written notice within a designated time frame, often 30, 60, or 90 days. Additionally, notice must usually be sent to a specific individual named in the contract. It is crucial to adhere to these requirements to avoid legal complications, as mishandling the termination process can expose you to significant risks.