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In this tutorial, Simon from The Contract Company discusses the process of terminating a contract, emphasizing the importance of understanding the termination clause. He highlights that terminating a contract can expose individuals to legal risks if not done correctly. The key steps he outlines include reviewing the contract for the termination clause, providing written notice, adhering to the specified notice period (typically 30, 60, or 90 days), and ensuring the notice is sent to a designated individual mentioned in the contract. Simon stresses the need to follow these processes carefully to avoid complications.