Ways of terminating a contract as analyzed by Michael E Weintraub Esq.
Contracts are legal documents that bind two or more parties and require each of them to meet a few obligations. These are written in detail in the form of clauses. In some circumstances, contract termination is the only option before you because you feel that the other party does not respect the terms of the agreement. Remember that either of the parties may terminate the contract at any point in time. Apart from this, the terms and conditions stated in the contract will influence the termination process.
So, when can you terminate an agreement?
There are different circumstances under which a contract stands terminated. One of these is performance issues. Contracts help to ensure that the parties perform some tasks. Michael E Weintraub Esq says that these are known as performance. For example, companies may employ public speakers and enter into a contract with them. When the speaker fulfills their duties, it is known as performance. However, if the person does not perform his duty, it is the reason for you to terminate the contract.
Breach of terms of the contract
Another possible reason for terminating a contract is the breach of the agreement. Whether intentional or unintentional, if either of the parties does not adhere to the contract, you have reasons to terminate it. When one party fails to fulfill the commitments, the agreement stands breached.
Role of prior agreement
If you or the other party has a prior agreement that demands termination of the contract, you have a specific reason. It is known as the break clause. Moreover, the agreement must provide you with details or the grounds that might terminate a contract. It must state the actions of either of the parties that lead to the termination of the agreement. It is here that a written notice by the party becomes relevant for the termination.
Recession may be a reason
If either of the parties misrepresents themselves, they act illegally, then it calls for termination. For example, after purchasing a property, if you discover that the seller hid the impoverished physical condition of the property, Michael E Weintraub Esq states that you have reasons to terminate the contract. In such a situation, the contract recession takes place. Remember that it is a legal decision that requires professional handling. Hence, you may take the help of legal representatives who can guide you in the process. These individuals have the necessary knowledge and expertise to go about the process.
Apart from this, completion of the agreement and recession of the same are other reasons for termination. Irrespective of the grounds, proper documentation is viable. Do this under the supervision of a lawyer. Remember that the agreement puts forward the settings for protecting the rights of either party. Hence, if you feel that your petitions get violated, you have every possible reason to call it off. An attorney can help you with the termination in a legal manner.