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In this video tutorial, the speaker discusses the requirements for a notice of termination to protect a party's right to end a contract. The Texas Real Estate Commission, through the TREB Broker Lawyer Committee, has established two specific forms: the buyer's notice of termination and the seller's notice of termination. The buyer's notice includes seven contingencies that necessitate a termination notice from the buyer to the seller; failing to submit this notice results in a waiver of the buyer's termination rights. The seller's notice only requires a notification for failure to deposit earnest money on time. Both notices include a space for additional reasons for termination under paragraph 15 of the contract.