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To terminate a contract, you need to carefully review the termination clause in the actual contract. Typically, this clause outlines specific steps you must follow, such as providing written notice within a certain time period, often 30, 60, or 90 days. It is crucial to send the notice to the specified key person as stated in the contract. Terminating a contract incorrectly can have serious legal implications, so it is important to follow the contract terms precisely.