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In this tutorial, Simon from The Contract Company discusses how to terminate a contract, emphasizing the importance of understanding the termination clause. He warns that incorrect termination can lead to significant legal exposure. To properly terminate, one should review the contract's specific terms, particularly the termination clause, which typically outlines required procedures. Key steps include providing written notice within a specified timeframe (such as 30, 60, or 90 days) and directing the notice to a specified individual named in the contract. By following these guidelines, you can navigate the termination process effectively.