FAQs
What to write when cancelling a contract?
When cancelling a contract, it is important to be clear, concise, and formal. You should state the reason for cancellation, refer to the specific clauses in the contract that allow for termination, and specify the effective date of termination. Additionally, you should include any steps for the return of property or settlement of obligations. For example, “We hereby terminate the contract dated [Date] as per Clause [Number], effective immediately. All outstanding obligations should be settled by [Date].”
What is an example of a termination of a contract?
An example of a termination of a contract is when a company decides to end its service agreement with a supplier due to repeated breaches of the terms. For instance, “ABC Corporation hereby terminates the service agreement with XYZ Supplies, effective May 30, 2024, due to XYZ Supplies’ failure to meet delivery deadlines on three occasions, as outlined in Section 5 of our contract. ABC Corporation expects all final invoices to be settled by June 15, 2024.”
What is an example of notice to terminate a contract?
An example of a notice to terminate a contract might be when a tenant informs their landlord of their intention to vacate the property. For instance, “This letter serves as formal notice of my intention to terminate the lease agreement for the property located at 123 Main Street, effective June 30, 2024. This notice is given in accordance with the 30-day notice period required by our lease agreement. Please advise on the process for the return of my security deposit.”