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To terminate a contract, first examine the termination clause within the contract, as this outlines the necessary steps. Typically, you need to provide formal written notice within a specified timeframe, such as 30, 60, or 90 days. It's also crucial to send this notice to a key individual designated in the contract. Following these steps carefully is essential to avoid legal pitfalls, as improperly terminating a contract can expose you to risks. Always ensure compliance with the stipulated processes to facilitate a valid termination.