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To terminate a contract, the first step is to examine the termination clause in the contract itself, as this outlines the necessary process. Typically, you must provide written notice within a specified time period, often 30, 60, or 90 days. Additionally, it’s crucial to send the notice to a designated key person mentioned in the contract. This careful approach is essential because improperly terminating a contract can leave you exposed to legal consequences. Always ensure you follow the outlined procedures to avoid potential issues.