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A Notice of Contract Termination contains the terms under which you are permitted to terminate an agreement and also states when an established contract ends. It is wise to make the letter short and to the point.The Parties wish to terminate the Contract and resolve any and all rights and obligations arising out of the Contract. Contract cancellation letters are the best way to cancel a contract. Make sure you send the cancellation notice within the time allowed. A contract termination letter delivered in order to avoid a renewal communicates that the current agreement governing your business relationship will end. Use this letter template to cancel a contract due to late delivery. See the attached notice of cancellation form for an explanation of this right.