CONTRACT TERMINATION

Have you entered into a contract thatís not working?

Possibly you signed a lease or an option to buy and you have changed your mind. You may have listed a property and then changed your mind about selling. You might have entered into a contract to perform maintenance, rental management duties, or advertising services Ö and donít want to continue. Or perhaps youíve contracted with someone to perform such duties and no longer want to use them.

Maybe circumstances in your life have changed and you need to relocate, or you have become injured or ill and cannot physically perform as agreed. You may have had a financial setback that prevents you from performing financially.

Whatever your reason for wanting to terminate a contract, you need to execute and sign a written agreement with the other party. The Early Termination of Contract form is a free download from this site, so get your copy and then contact the other party. You will need to mutually agree.

This document names all parties and clearly identifies the contract to be ended. It releases both sides from any further obligation under the original contract. Thus you are both free to go about your business without fear of a lawsuit for non-performance. You can then enter into a new contract with a different party with no clouds over you, your property, or your business.

The other party to your contract may be someone you know well, so you may think that a written termination isn't necessary. Not so. People forget, people have misunderstandings, friendships fail, and people change their minds. Putting your agreement in writing is the only safe way to end a contract. Additionally, if the other party should become incapacitated or expire, his or her heirs would be in charge. They might read the contract and believe that you should be fulfilling its terms.

Even if your original contract was a verbal agreement, execute an EARLY TERMINATION OF CONTRACT. Itís the only way to positively end the contract, and itís the only way to ensure that both parties are protected from a non-performance lawsuit.

While this outlines use in a real estate related transaction, the early TERMINATION OF A CONTRACT is a wise idea when ending any type of contract.


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TERMINATION OF A CONTRACT