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To terminate a contract, it's essential to carefully examine the contract's termination clause, as getting this process wrong can lead to significant legal exposure. Typically, these clauses outline specific steps that must be followed, including providing written notice within a stipulated timeframe (commonly 30, 60, or 90 days). Additionally, the notice should be directed to a designated key person specified in the contract. Following these procedures correctly is crucial to ensure a valid termination.