A contract is a written or oral document in which an agreement is reached between two or more parties on a specific matter. Contracts are important documents regulating the rights and obligations between the parties. Contracts may have a certain duration or may not be concluded for a certain period of time. Termination or expiry of contracts may be based on various reasons. This article will provide detailed information on the termination of the contract.
The termination of the contract may arise from reasons such as the expiration of the period determined by the parties, mutual agreement of the parties, failure of one party to comply with the contract. The contract may be terminated by mutual agreement of the parties. In this case, certain conditions and provisions regarding the termination of the contract are determined between the parties. In cases where the contract is concluded for a certain period of time, the expiry of the term causes the termination of the contract.
Termination of the contract is the termination of the contract without mutual agreement, due to the breach of contract by one party. In this case, the breaching party is obliged to pay compensation if the other party has caused material and moral damage.
The termination of the contract also terminates the rights and obligations of the parties. However, despite the termination of the contract, some provisions may remain valid. For example, some contracts, such as confidentiality agreements, may remain valid for certain periods of time despite their termination.
In conclusion, contracts are important documents regulating the rights and obligations of the parties. Contracts may be terminated by mutual agreement of the parties, expiry of the term or breach of contract. The termination of the contract terminates the rights and obligations of the parties. However, some provisions may remain valid despite the termination of the contract.