Contract, Termination of

Contracts may be terminated in a number of defined circumstances. First, the parties may have fulfilled their contractual obligations to each other and the contract is terminated by performance. Second, the parties may agree to terminate the contract by mutual agreement. In rare circumstances, the contract may be terminated by frustration, where one party cannot fulfil their obligations due to circumstances that could not reasonably have been foreseen and incorporated into the contract. Finally, contracts may be terminated if there is a breach of a fundamental condition of the contract. See also Contract.

Contract Law Essentials training is available at Academy of Procurement.

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With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.