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A contract is essentially terminated once the obligations outlined in the contract are completed. A Termination Agreement is a document that you use to formally record that all parties involved in a contract have agreed to its cancellation.A notice of termination is what an employer uses to notify an employee as to the end of their employment contract. Two Considerations for an Owner Before Issuing a Termination Notice to a Contractor. (a) Complete termination: The following electronic notice is suggested for use if a supply contract is being completely terminated for convenience. A form notice terminating an agreement for cause. Frustration, the contract is discharged either as a whole or partially terminated. The contract might outline how and when notice must be given. 7A. 100 No-cost settlement agreement – complete termination.