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A contract specifying, how or what is involved to terminate a contract... etc. an additional fee/money ...
"A termination contract allows either party to an employment contract to end the contract before the date specified in an employment agreement. It relieves both or any parties (if there are more than two) to the contract's requirements including lease, service or sales agreements, employment conditions, benchmarks and many other requirements considered essential to the completion of a job and specified in the contract. A contract can be terminated for any number of reasons including a breach of the contract's terms or an inability to meet the terms of the contract."
Read more : http://www.ehow.com/about_6558109_termination-contract-agreement.html
The customer or buyer have the right to terminate the agreement on the failure of contractor to meet the time schedule in respect of the project within time frame prescribed in the agreement.
When a contract is intentionally not honored by one party, it is called a breach of contract and is grounds for contract termination. A breach of contract may exist because one party failed to meet his obligations at all or did not meet his obligations fully.
Terminating a building contract has serious implications for both parties, depending on when the contract gets terminated.
For this reason, these contracts often include a host of if/then provisions that require careful examination before you give notice of termination.
Review your contract and evaluate the consequences of terminating it before proceeding, to determine if your liabilities will outweigh your benefits.
the parties concerned may at any time terminate the contract by mutual agreement at any stage of the work and the contractor is paid for the work done by him up to the time of such termination .
this is sometimes followed by a new contract to accommodate the changes in the old contract.
