Key Takeaways
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Contract termination is the process of ending a contract before all obligations are met. This can happen for several reasons, including a breach of contract or by mutual agreement.
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A successful contract termination strategy involves three key steps: identifying underperforming contracts, writing a professional termination notice, and ensuring proper financial closeout.
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Using contract management software can significantly streamline this process by providing data analytics, termination templates, and financial tracking tools.