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To terminate a contract, it is crucial to closely examine the termination clause within the contract itself. This clause typically outlines specific procedures to follow, such as providing written notice within a designated time frame, which could range from 30 to 90 days. Additionally, the notice often needs to be sent to a specified key person mentioned in the contract. Failing to adhere to these requirements can expose you to legal risks. Simon from The Contract Company emphasizes the importance of understanding these details, as improper termination can lead to complications in contract law.