Depending on its type and character, a contract can be terminated at the moment its purpose is reached or when all obligations of the contracting parties are discharged, and all their rights are satisfied or by the expiry of the agreed term (effect) of the contract or as a result of a termination notice or cancellation by withdrawal. It is especially important to establish appropriate and clear rules concerning the mode of termination in respect of long-term contracts (e.g. a contract for a long-term provision of services, etc.).
Termination of a Contract
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