How To Terminate A Contract

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How To Terminate A Contract
How To Terminate A Contract

Video: How To Terminate A Contract

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Video: How to Terminate a Contract? 2023, January
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When a contract is concluded for a long period or one of the parties does not fulfill its obligations, it may be necessary to terminate it. Termination of the contract terminates the obligations of the parties. Termination of the contract can be done in the following ways:

How to terminate a contract
How to terminate a contract

Instructions

Step 1

By concluding add. agreement to the contract. In it, the parties determine the date of termination of the contract and the consequences of its termination, that is, the procedure for reimbursing the costs associated with the execution of the contract, the state of mutual settlements. The termination is in the same form as the original contract. This means that if the agreement was notarized, then the termination agreement is subject to notarization.

Step 2

By sending a notice of termination to the other party. Such unilateral withdrawal from the contract is allowed in cases determined by law or contract. From the moment of receipt of the notice of cancellation of the contract, the contract is considered terminated

Step 3

By going to court. In this case, the basis for unilateral termination will be:

- significant violation by the party of the terms of the contract. For example, repeated

violation of the terms of payment by the buyer or the terms of delivery by the seller under the contract

delivery.

- a significant change in the circumstances from which the parties proceeded when

the conclusion of the contract.

To do this, we send a statement of claim to the court to terminate the contract. The state duty must be paid as for a non-property claim. The obligation to prove the violation by the other party of obligations or change of circumstances rests with the plaintiff. The contract is considered terminated from the moment the court decision entered into force.

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