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In this YouTube video tutorial, Simon from The Contract Company discusses the process of terminating a contract. He highlights the importance of examining the termination clause in the contract, which typically sets out a specific process that must be followed. This process often includes providing written notice within a specified time period, such as 30, 60, or 90 days, and sending the notice to a designated key person. Terminating a contract can be a complex area of law, so it is crucial to follow the contract's termination clause carefully to avoid potential legal risks.