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In this tutorial, Simon from The Contract Company explains the process of terminating a contract, emphasizing the importance of doing it correctly to avoid legal exposure. He advises starting with the contract itself, focusing on the termination clause, which typically outlines specific procedures. Key steps usually include providing written notice, adhering to a defined notice period (commonly 30, 60, or 90 days), and sending the notice to a designated individual specified in the contract. Understanding these elements is crucial to ensure a smooth termination process.