Termination
Ending a contract before the work is finished, under a clause in it or for a serious breach.
by Jack Butler-Kettle · About 1 min readShare
Further detail
Termination brings contractual performance to an end under an applicable right, but does not necessarily erase rights or obligations already accrued. The ground, notice procedure and consequences need separate analysis. A wrongful attempt to terminate can itself create serious exposure.
Preserve the contract, notices and progress records and obtain legal advice on the right to terminate. The guide to termination and insolvency explains what to check and which records to protect. Termination account preparation and assessment can help organise the resulting commercial account.